TORONTO, Nov. 05, 2018 (GLOBE NEWSWIRE) -- OMERS Private Equity, the private equity arm of OMERS, the defined benefit pension plan for Ontario’s municipal employees, has today announced an agreement to sell MatrixCare Holdings Inc. (“MatrixCare”, or the "Company") to ResMed Operations Inc. (“ResMed”) for US$750 million.
Based in Minneapolis, Minnesota, MatrixCare is an industry leading, SaaS-based, long-term post-acute care (“LTPAC”) technology provider used in more than 13,000 facility-based care settings and 2,500 home care, home health and hospice organizations.
“We first acquired MatrixCare as part of a larger acquisition in 2010. Since bringing John Damgaard in as CEO in 2012, OMERS has worked with John and the Company to enhance its ability to serve customers across the LTPAC continuum,” said Mark Van Wart, Managing Director, OMERS Private Equity. “Throughout our collaboration with MatrixCare, we proudly supported growth investments through acquisitions and the development of new products. These initiatives, coupled with MatrixCare’s strong management expertise, have established the company as a market leader in the LTPAC software space. We wish John and his team great success,” he added.
"OMERS Private Equity is world-class in every respect and has been a powerful partner for us,” said John Damgaard, President and CEO of MatrixCare. “Their unwavering commitment and support of MatrixCare has been a key contributor to the Company's success," he added.
“Matrixcare is OMERS third portfolio company sale in 24 months, following the sales of Husky Injection Molding and Civica last year. All three transactions have generated strong income toward our core commitment of delivering stable and sustainable pensions for OMERS members. While we announce this additional successful exit today, we of course continue to focus on advancing our strategy of investing in companies with solid business fundamentals, strong management teams, and opportunities to grow both organically and through acquisitions,” said Michael Graham, Head of North America for OMERS Private Equity.
William Blair acted as financial adviser to the Company; Sidley Austin LLP acted as legal counsel. The transaction is expected to close in the fourth quarter of 2018, subject to customary conditions.
For Further Information:
Neil Hrab Manager, Communications – Investments
About MatrixCare Holdings Inc.:
Current and multi-time winner of the prestigious Best in KLAS for Long-Term Care Software award, MatrixCare is the complete solution for growing organizations that need to successfully manage risk in care delivery across the LTPAC spectrum. Trusted by more than 13,000 facility-based care settings and more than 2,500 home care, home health and hospice organizations, MatrixCare’s solutions help ACOs, skilled nursing and senior living providers, life plan communities (CCRCs), and home health organizations to connect, collaborate and prosper as we migrate to a fee-for-value healthcare system. In addition to EHR components purpose-built for any LTPAC care-setting, MatrixCare also includes solutions to systematically increase clinical quality: Enterprise Analytics, robust Clinical Decision Support and the industry’s first Care Coordination platform to create a true, person-centric, e-longitudinal health record and enable LTPAC providers to efficiently manage the populations under their care.
About OMERS and OMERS Private Equity
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than $95 billion in net assets, as at December 31, 2017. OMERS invests and administers pensions for more than 482,000 members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.
OMERS had private equity net investment asset exposure of $11.5 billion as at December 31, 2017. OMERS Private Equity, the private equity investment arm of OMERS with a team of investment professionals in London, New York, Singapore and Toronto, seeks to use its significant and differentiated capital base to partner with management teams of industry leading businesses. For more information, please visit www.omersprivatemarkets.com