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OMERS PE arm exits rail maintenance company Nordco to Greenbriar Equity

20 Aug 2013

rail_infra_170sqThe private equity investment arm of Canadian pension giant OMERS has sold railway maintenance equipment maker Nordco to New York-based buyout house Greenbriar Equity Group.

OMERS Private Equity (OPE) said Nordco’s revenues had grown by 44 per cent since it bought the business from The Riverside Company in 2009, although it did not reveal its purchase or exit prices.

Michael Graham, senior managing director and US head for OPE, said, “OPE’s investment in Nordco is a great example of our approach to working with world class management teams to build industry leading platforms.

“Our exceptional returns on our two most recent exits, Nordco and USIC are further validation of the success of our direct investment program.”

OPE agreed to sell outsourced utility locating services business USIC to Leonard Green & Partners in June in a deal thought to be worth $800m.

USIC was OMERS’ second private equity deal after Nordco when it bought the business from Kohlberg & Company in April 2010.

OPE, which manages the private equity activities of OMERS, has more than $6bn of investments under active management across the US and Europe.

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