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Leonard Green & Partners could pay up to $800m for cable checker USIC

21 Jun 2013

USIC cableRetail and consumer-focused private equity firm Leonard Green & Partners has been linked with a surprise deal for OMERS-owned underground cable business United States Infrastructure Corporation.

Leonard Green is close to completing a deal for USIC according to Reuters, which said the firm had always considered the company a “people’s business” and therefore within its business services investment mandate.

USIC, which maintains underground cables for power, water and telecommunications, is currently owned by Canadian pension giant the Ontario Municipal Employees Retirement System.

The business provides outsourced sub-surface utility-locating services throughout the US

It emerged OMERS had put the asset up for sale last month when it hired Barclays and Harris Williams & Co to look at exit options.

It is though the sale could fetch close to $800m based on the company’s $100m EBITDA.

OMERS acquired USIC in April 2010 from US buyout firm Kohlberg & Company.

Based in Indianapolis, Indiana, it was created in 2008 through the combination of SM&P and CLS, formerly the second and third-largest locating firms in the US.

At the time it was the second private equity investment led by OMERS Private Equity in the US after its acquisition of Nordco in 2009.

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