OMERS Private Equity has agreed to buy Alexander Mann Solutions, a provider of talent acquisition and management solutions, from New Mountain Capital, in a deal worth 820 million pounds, or about $1.1 billion.
The private equity investment arm of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, seeks to help Alexander Mann Solutions embark on its next stage of growth and drive consolidation in a large but fragmented market.
Alexander Mann Solutions offers its enterprise clients a portfolio of outsourcing and consulting services, helping primarily large international businesses attract and retain talent through multi-year contracts. Its 4,000 talent acquisition and management experts deliver solutions in partnership with more than 100 clients across 85 countries. Its previous owner, New Mountain Capital, bought the London-based company in 2013. With the change of hands, Alexander Mann says it will deepen and expand its sectorial and geographical focus and invest in technology to further enhance its value proposition for existing and prospective customers.
“OMERS partnership approach, its substantial and unconstrained capital base and its experience of supporting businesses organically and through acquisition make it an ideal partner for Alexander Mann Solutions in this next stage of our journey,” said Rosaleen Blair, CEO of Alexander Mann Solutions, in a statement.
Martin le Huray, the co-head of OMERS Private Equity Europe, suggested that the firm will support the company in extending its platform both organically and through acquisitions.
“Alexander Mann Solutions is a very strong addition to our Private Equity portfolio that we believe will create value for members of the OMERS pension plan. This investment is a perfect fit with our broader strategy of partnering with industry leaders poised for significant growth,” stated Mark Redman, Executive Vice President and OMERS Global Head of Private Equity.
The transaction is subject to customary approvals by the antitrust authorities and is expected to close in the second quarter of 2018.