December 19, 2014 - 6:27 AM
TORONTO - Canadian healthcare IT firm Logibec Inc. will be sold to San Francisco-based private equity firm GI Partners under an agreement announced Friday.
OMERS Private Equity, part of one of Ontario's major public sector pension systems, says it will sell the Canadian portion of Logibec's business to GI and retain Logibec's U.S. subsidiary MatrixCare, which will be spun out as a separate company.
Logibec is a leading Canadian healthcare IT company with that develops clinical and administrative information systems for the health and social services sectors.
GI Partners, which said it expects the transaction to close in the first quarter of 2015, said Logibec will continue to operate under the same management team and without any changes in day-to-day operations.
The Montreal-based company has more than 350 employees, with more than 600 healthcare clients including acute care facilities, as well as long-term and community care providers.
"The acquisition of Logibec leverages our deep industry experience gained through previous IT infrastructure and healthcare services investments," said Howard Park, the managing director of GI Partners.
GI Partners manages about $11 billion in capital for institutional investors. It's active in a number of economic sectors, including healthcare services, technology-media-telecom, retail-leisure and financial-real estate services.
Financial terms of the deal between OMERS and GI Partners weren't disclosed.
Logibec was formerly a publicly traded company that was taken private by OMERS in 2010 and it has grown since then.
"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 Brunet, Logibec's president and CEO.
Logibec's U.S. arm, MatrixCare, provides electronic health records for providers of long-term care and senior living services.
News from © The Canadian Press, 2014