OMERS Private Equity to Acquire UK Company Bionic

Posted on 07/20/2022

OMERS Private Equity signed a definitive agreement to acquire Bionic, a provider of essential energy, insurance, finance and connectivity services to U.K. small-to-medium enterprises (SMEs) from ECI Partners and its founders. OMERS Private Equity will take a majority stake in Bionic, with the management team, led by Paul Galligan, CEO of Bionic, and ECI Partners and the founders investing alongside OMERS. OMERS Private Equity will provide resources and expertise to help drive Bionic’s organic growth as well as further accelerate its strategic expansion through M&A. Founded in 2007, Bionic matches SME business owners with energy, insurance, connectivity, telecoms and commercial finance solutions from its platform of specially selected providers, suppliers and products. The transaction is anticipated to close by Q3, subject to customary conditions.

Founded in 1976, ECI Partners is a private equity firm based in London. ECI Partners was set up by the Bank of England in 1976 to invest in growth businesses.

DC Advisory is serving as financial advisor and Weil, Gotshal & Manges is serving as legal counsel to OMERS Private Equity.

On another note, OMERS plans to sell its 24.77% stake in Spanish oil pipeline and storage operator Exolum. OMERS hired Citigroup to coordinate the transaction. OMERS is the second largest shareholder in Exolum after CVC Capital Partners.

Keywords: Ontario Municipal Employees Retirement System.

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