CANADA/UK - The Ontario Municipal Employees Retirement System (OMERS) has closed on its previously announced acquisition of V.Group for $520m.
The shipping firm was acquired through the private equity arm of the OMERS Worldwide group of companies, OMERS Private Equity.
V.Group provides outsourced ship management, crew provision and other marine services. The company manages the running and maintenance of over 700 vessels on behalf of its customers and other third party vessels. It operates across 34 countries and from 70 offices around the world.
A spokesman for OMERS confirmed the pension fund took a majority stake in the company but declined to provide more details. OMERS' typically holds companies for five to seven years.
OMERS Private Equity European senior managing director Mark Redman said: "V.Group has an attractive and differentiated outsourcing-based business model and is led by an exceptional management team. We believe V.Group's extensive global network, track record of profitable growth, compelling customer value proposition and breadth of services provide significant long-term potential."
V.Group chief executive Clive Richardson added: "V.Group has a tremendous future and the management team is excited to be working with our new partners in the next chapter of growth for our business."
RBC acted as financial advisor, and Weil, Gotshal & Manges acted as legal counsel for the buyers.
The deal was originally announced on 28 July. (Global Pensions; 28 July 2011)