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OMERS Private Equity and Alberta Investment Management Corporation have signed an agreement to sell their majority stake in Environmental Resources Management (ERM) to KKR.

UK headquartered ERM is the world’s largest pure-play sustainability consultancy, operating in over 40 countries with over 5,500 partners and employees globally, a release said.

ERM partners with the world’s leading organisations to create innovative solutions to sustainability challenges and unlock commercial opportunities that meet the needs of today while preserving opportunity for future generations.

Since investing in ERM in 2015, OMERS Private Equity and AIMCo have worked closely with the company and its management to support the business’ continued growth and development. This growth has been both organic and M&A-driven, with ERM having acquired and successfully integrated 14 highly complementary businesses during OMERS and AIMCo’s investment period.

During this period of sustained financial and operational success, ERM’s management team has been led by CEO Keryn James.

OMERS European Private Equity Senior Managing Director and Head Jonathan Mussellwhite said, “When OMERS invested alongside the management and AIMCo in 2015, we saw an opportunity to back the market leader in an industry with considerable long-term growth potential.”

The sale of ERM is OMERS Private Equity’s fourth realisation in Europe and its fifth successful exit globally in the past three years.

OMERS Private Equity Director James Frankish said,“Since 2015, we have supported the company and its management in ERM’s ambitious growth strategy with great results. As ERM has expanded into new focus sectors such as power, chemicals, and technology, and media and telecoms, ERM has also reinforced its leadership position in corporate sustainability and climate change.”

ERM CEO Keryn James said, “We are thrilled to announce this new partnership with KKR, which will drive a long-term path for growth for ERM – broadening the scope of our client service and deepening our impact on sustainability.”

The transaction is expected to close in Q3 2021 subject to certain conditions, including regulatory approvals. Financial terms were not disclosed.

Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with C$105 billion in net assets as at December 31, 2020. OMERS invests and administers pensions for more than half a million members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.

OMERS had private equity net investment asset exposure of C$14.8 billion as at December 31, 2020.

 

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