OMERS Private Equity to buy V.Group

OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, today announces that it has signed a definitive agreement to acquire V.Group Ltd. from Exponent Private Equity for an enterprise value of US$520 million.

V.Group is the global market leader in outsourced ship management and a leading player in crew provision and related marine services. The company manages the running and maintenance of over 700 vessels on behalf of its customers and provides a variety of related services to these and other third party vessels. V.Group operates across 34 countries via its international network of 70 offices.

OMERS Private Equity  has over $5.5 billion of investments under management for OMERS (Ontario Municipal Employees Retirement System) one of Canada’s leading pension funds.

“I look forward to partnering with OMERS Private Equity in continuing to build a market-leading company delivering outstanding service and value to our customers,” said Clive Richardson, who will continue to lead V.Group as CEO. “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.”

“V.Group has an attractive and differentiated outsourcing-based business model and is led by an exceptional management team,” said Mark Redman, Senior Managing Director of OMERS Private Equity in Europe. “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. As a global leader operating in robust and growing segments of the market, we believe the future opportunities for V.Group are extremely attractive. We look forward to using our significant financial resources and extensive international network to support management’s strategy for organic and acquisitive growth, particularly in emerging markets.”

OMERS Private Equity expects to close the transaction by early September 2011. The management team of V.Group is expected to be a significant investor in the business through continued equity ownership.

Financing will be provided by RBC Capital Markets. RBC acted as financial advisor, and Weil, Gotshal & Manges acted as legal counsel for the buyers.

July 28, 2011