OMERS Private Equity ("OPE"), the private equity investment arm of OMERS, has entered into an agreement to sell Canadian healthcare IT firm Logibec Inc. to US private equity firm GI Partners. The transaction is expected to close in the first quarter of 2015, subject to satisfaction of customary closing conditions. OPE will continue to hold Logibec's current US subsidiary MatrixCare, the industry leading Electronic Health Record provider for long-term care and senior living providers, pursuant to a pre-closing spin out transaction.
Logibec is a leading Canadian healthcare IT company with an innovative and client-focused approach to the development, marketing, implementation and support of clinical and administrative information systems for the health and social services sectors.
"We're very pleased to announce another successful realization in the OPE portfolio. Our investment in Logibec is a clear demonstration of our strategy, partnering with great management teams and adding value to strong companies to generate returns for OMERS," said Lisa Melchior, Managing Director at OPE. "It has been very rewarding working with Marc Brunet and the Logibec team, and we wish them continued success in the future."
Logibec was founded in 1982, and taken private by OPE in 2010. The company has grown substantially since then, and has been recognized and ranked No. 1 amongst Top Pure-Play Health Care IT Companies in Canada for the past four years in the Branham 300 Industry survey.
"I'd like to thank OMERS Private Equity for their valued partnership over the past four and a half years. Their commitment and support of Logibec has been a key contributor to the Company's success," said Marc P. Brunet, Logibec's President and CEO.
Harris Williams & Co and National Bank Financial acted as financial advisers and Goodmans LLP acted as legal counsel.
