UPDATED - OMERS Private Equity Acquires Minority Stake in National Veterinary Associates
July 07 2017 - 6:30AM
OMERS Private Equity, the private equity arm of OMERS, the pension
plan for municipal employees in Ontario, announced on July 6, 2017
that it has entered into a definitive agreement to acquire a
minority stake in National Veterinary Associates ("NVA"). The
transaction is in partnership with NVA’s leadership team and funds
affiliated with Ares Management, L.P. (NYSE:ARES), which will
continue as the majority equityholder of NVA. Financial terms of
the transaction were not disclosed. The transaction is expected to
close during the third quarter of 2017, subject to certain closing
conditions.
NVA is the largest independent owner-operator of veterinary
hospitals, pet boarding and daycare centers in the United States,
Canada, Australia, and New Zealand with 502 locations and more than
1,800 affiliated veterinarians. NVA partners with leading hospitals
which offer a full range of medical and surgical services within
their local communities, and invests to support the needs of
veterinarians as they deliver high-quality, compassionate care to
companion animals and the people that love them. As one of the
leading veterinary practice management organizations, the broad
range of support services NVA provides to affiliated companion
animal veterinary practices leaves veterinarians free to do what
they do best – focus on pet care.
“We’re proud of the work we do every day to support more than
1,800 veterinarians and 7,000 team members at NVA practices around
the country as they provide high-quality care to pets,” said Greg
Hartmann, Chief Executive Officer of NVA. “We are very pleased to
continue our partnership with Ares, and we are collectively eager
to welcome OMERS Private Equity as an investor. We are excited for
the additional value and support for growth that this new
investment will bring as we continue to execute on our strategy of
partnering with veterinarians in ways that help support the
delivery of quality medicine to pets and outstanding service to
clients. We also believe partnering with such a respected Canadian
and international investor will help as we continue to execute on
our growth strategy in the U.S., Canada and abroad.”
Proskauer Rose LLP acted as legal counsel to NVA. Sidley Austin
LLP acted as legal counsel to OMERS Private Equity. Jefferies
LLC acted as lead financial advisor and William Blair &
Company, L.L.C. acted as co-financial advisor to NVA in the
transaction.
About National Veterinary Associates
National Veterinary Associates was founded more than 20 years
ago and today is the largest independent owner-operator of
veterinary hospitals and pet boarding and daycare centers in the
United States, Canada, Australia, and New Zealand. The Company
operates 502 locations in 41 states and 4 countries. NVA is
affiliated with more than 1,800 veterinarians who care for over 5
million patients per year.
About OMERS
OMERS Private Markets (OMERS Private Equity and Borealis
Infrastructure) invests globally in private equity and
infrastructure assets on behalf of OMERS, the pension plan for
municipal employees in Ontario. OMERS Private Equity's
investment strategy includes active investment in a portfolio of
industry-leading businesses across North America and Europe.
Investments are aimed at steady returns to help deliver strong and
sustainable pensions to OMERS members. OMERS Private Markets
has offices in Toronto, New York, London and Sydney. For more
information, please visit www.omersprivatemarkets.com.
Founded in 1962, OMERS is one of Canada’s largest defined
benefit pension plans, with more than CAD$85 billion in net assets,
as at December 31, 2016. It invests and administers pensions for
more than 470,000 members from municipalities, school boards,
emergency services and local agencies across Ontario. OMERS has
employees in Toronto and other major cities across North America,
the U.K., Europe and Australia – originating and managing a
diversified portfolio of investments in public markets, private
equity, infrastructure and real estate. For more information,
please visit www.omers.com.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $100 billion of assets
under management as of March 31, 2017, and more than 15 offices in
the United States, Europe and Asia. Since its inception in 1997,
Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its three distinct
but complementary investment groups in Credit, Private Equity and
Real Estate is a market leader based on assets under management and
investment performance. Ares was built upon the fundamental
principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com.
Contacts
For OMERS:
Neil Hrab, 416-369-2418
nhrab@omers.com
For Ares Management:
Media:
Mendel Communications
Bill Mendel, 212-397-1030
bill@mendelcommunications.com
or
Investors:
Carl Drake, 800-340-6597
cdrake@aresmgmt.com
or
Priscila Roney, 212-808-1185
proney@aresmgmt.com
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