LOS ANGELES, July 06, 2017 (GLOBE NEWSWIRE) -- OMERS Private Equity, the private equity arm of OMERS, the pension plan for municipal employees in Ontario, announced on July 6, 2017 that it has entered into a definitive agreement to acquire a minority stake in National Veterinary Associates ("NVA"). The transaction is in partnership with NVA’s leadership team and funds affiliated with Ares Management, L.P. (NYSE: ARES ), which will continue as the majority equityholder of NVA. Financial terms of the transaction were not disclosed. The transaction is expected to close during the third quarter of 2017, subject to certain closing conditions.
NVA is the largest independent owner-operator of veterinary hospitals, pet boarding and daycare centers in the United States, Canada, Australia, and New Zealand with 502 locations and more than 1,800 affiliated veterinarians. NVA partners with leading hospitals which offer a full range of medical and surgical services within their local communities, and invests to support the needs of veterinarians as they deliver high-quality, compassionate care to companion animals and the people that love them. As one of the leading veterinary practice management organizations, the broad range of support services NVA provides to affiliated companion animal veterinary practices leaves veterinarians free to do what they do best – focus on pet care.
“We’re proud of the work we do every day to support more than 1,800 veterinarians and 7,000 team members at NVA practices around the country as they provide high-quality care to pets,” said Greg Hartmann, Chief Executive Officer of NVA. “We are very pleased to continue our partnership with Ares, and we are collectively eager to welcome OMERS Private Equity as an investor. We are excited for the additional value and support for growth that this new investment will bring as we continue to execute on our strategy of partnering with veterinarians in ways that help support the delivery of quality medicine to pets and outstanding service to clients. We also believe partnering with such a respected Canadian and international investor will help as we continue to execute on our growth strategy in the U.S., Canada and abroad."
Proskauer Rose LLP acted as legal counsel to NVA. Sidley Austin LLP acted as legal counsel to OMERS Private Equity. Jefferies LLC and William Blair & Company, L.L.C. acted as financial advisors to NVA.
About National Veterinary Associates
National Veterinary Associates was founded more than 20 years ago and today is the largest independent owner-operator of veterinary hospitals and pet boarding and daycare centers in the United States, Canada, Australia, and New Zealand. The Company operates 502 locations in 41 states and 4 countries. NVA is affiliated with more than 1,800 veterinarians who care for over 5 million patients per year.
About OMERS
OMERS Private Markets (OMERS Private Equity and Borealis Infrastructure) invests globally in private equity and infrastructure assets on behalf of OMERS, the pension plan for municipal employees in Ontario. OMERS Private Equity's investment strategy includes active investment in a portfolio of industry-leading businesses across North America and Europe. Investments are aimed at steady returns to help deliver strong and sustainable pensions to OMERS members. OMERS Private Markets has offices in Toronto, New York, London and Sydney. For more information, please visit www.omersprivatemarkets.com .
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than CAD$85 billion in net assets, as at December 31, 2016. It invests and administers pensions for more than 470,000 members from municipalities, school boards, emergency services and local agencies across Ontario. OMERS has employees in Toronto and other major cities across North America, the U.K., Europe and Australia – originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate. For more information, please visit www.omers.com .
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $100 billion of assets under management as of March 31, 2017, and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com .
Contacts For OMERS: Neil Hrab, 416-369-2418 nhrab@omers.com For Ares Management: Media: Mendel Communications Bill Mendel, 212-397-1030 bill@mendelcommunications.com or Investors: Carl Drake, 800-340-6597 cdrake@aresmgmt.com or Priscila Roney, 212-808-1185 proney@aresmgmt.com
