Harris Williams & Co. Advises Caliber Collision Centers in its Sale to OMERS Private Equity
Harris Williams & Co. , a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Caliber Collision Centers (Caliber), an operating company owned by ONCAP, to OMERS Private Equity (OPE). Harris Williams served as lead advisor on the transaction, which closed on November 20, 2013. The transaction was led by Frank Mountcastle, Joe Conner and Jershon Jones from Harris Williams & Co.’s Transportation & Logistics (T&L) Group along with Chris Williams, Chip Duggins and Jay Beekman from the firm’s Richmond office.
“Caliber is a remarkable collision repair platform with an outstanding management team and an exceptional track record of growth,” said Frank Mountcastle, managing director at Harris Williams & Co. “Management and ONCAP have done a tremendous job building the premier platform in the collision repair sector, and we are excited to have found a great new partner that is eager to support management as they continue to execute their growth strategy.”
“The Caliber transaction marks an important milestone in the continued growth and expansion of our efforts in the sector. By partnering with premier clients like Caliber, we have built the leading middle market sell-side platform in the automotive aftermarket,” added Joe Conner, a director at Harris Williams & Co. “This transaction also exemplifies the continued interest in the sector, which we expect to continue for the foreseeable future. The compelling combination of long-term growth fundamentals with the need-based dynamics of the industry has consistently proven to be an attractive investment thesis.”
Caliber is one of the largest, non-franchised collision repair centers in North America. The company provides automotive paint and body repair services through its platform of more than 157 collision centers throughout the southwestern and western United States. Since 2008, the company has generated impressive same-store sales growth, more than doubled the number of collision centers it operates and established a presence in over 15 markets.
ONCAP is the middle market private equity platform of Onex. ONCAP, in partnership with operating company management teams, invests in and builds shareholder value in North American small and mid-size companies that are leaders in their defined market niches and possess meaningful growth potential.
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The company has approximately $16 billion of assets under management, including $5 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as the largest limited partner in each of its Funds. Onex’ businesses have assets of $44 billion, generate annual revenues of $34 billion and employ approximately 229,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.
Headquartered in Toronto with offices in New York and London, OPE is the manager of the private equity assets of the Ontario Municipal Employees Retirement System (OMERS), a multi-employer pension plan established in 1962 and one of the largest and most sophisticated asset managers in Canada. The firm invests in a wide range of asset classes including private equity, real estate, infrastructure and traditional public equity and debt securities. OPE currently has over $6 billion invested in the private equity asset class, for which OPE continues to seek attractive own-and-control investments on a global basis. The OPE team is comprised of approximately 40 investment professionals.