OMERS Buys The Kenan Advantage Group from GS and Centerbridge

Posted on 06/19/2015


Ontario Municipal Employees’ Retirement System (OMERS), through its private equity arm, has agreed to acquire Ohio-based The Kenan Advantage Group Inc., a provider of liquid bulk transportation services. OMERS is buying the company from Centerbridge Partners LP and Goldman Sachs Capital Partners, the private equity arm of Goldman Sachs.

The price has not been disclosed, but the Wall Street Journal in February believed the company could get as much as US$ 2 billion. In June 2010, Centerbridge Partners and Goldman Sachs bought Kenan Advantage for US$ 720 million from private equity firm Littlejohn & Co. LLC

The deal was made through a formal auction held by the sellers.

Advisors

The legal advisor for OMERS was Weil Gotshal & Manges LLP. The financial advisor for Centerbridge was KeyBanc Capital Markets. Goldman Sachs Capital Partners used their investment banking unit.

Keywords: Ontario Municipal Employees Retirement System