December 23, 2013 - 4:30 AM
TORONTO - OMERS has agreed to sell Maxxam Analytics International Corp., which operates a network of laboratories across Canada that serve the energy, environmental, food and DNA industries.
The deal values Maxxam at $650 million including assumed debt.
The buyer is Bureau Veritas SA, a French company currently operating in 140 countries with 59,000 employees.
Maxxam has about 2,400 employees across Canada and processes more than 2.3 million samples annually.
"This transaction marks an exciting new chapter for the company," said Jon Hantho, Maxxam's chief executive officer.
"We appreciate the support and partnership OMERS Private Equity offered throughout the life of their investment. We look forward to continuing to grow Maxxam with our new partner, Bureau Veritas."
OMERS Private Equity, the private equity arm of the Ontario Municipal Employment Retirement System, bought Maxxam about five years ago.
Since then, Maxxam's revenue has risen by 80 per cent through internal growth an acquisitions.
News from © The Canadian Press, 2013