Ontario Pension Plan Buys Outsourcing Firm for $1.1 Billion
(Bloomberg) -- An investment arm of a Canadian public pension plan agreed to buy U.K. outsourcing firm Alexander Mann Solutions Ltd. for 820 million pounds ($1.1 billion).
Omers Private Equity, part of the pension plan for municipal employees in the province of Ontario, Canada, will buy the London-based business from New York-based New Mountain Capital LLC, according to a statement Thursday.
Alexander Mann provides recruitment-process outsourcing and advisory services for industries like health care, utilities, financial services, retail, engineering and defense. Omers manages more than $95 billion in assets, and has $10.8 billion invested in private equity. The transaction is expected to close in the second quarter.
Robert W. Baird & Co. and Moelis & Co. are acting as financial advisers to Alexander Mann Solutions and its shareholders on the sale and Rothschild & Co. is advising Omers.
Rosaleen Blair, founder and chief executive officer of Alexander Mann, set up the business in 1996. Alexander Mann employs more than 3,500 people and operates in more than 85 countries.
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