OMERS Private Equity and the Alberta Investment Management Corporation (AIMCo) have sold a controlling stake in consultancy Environmental Resources Management (ERM) to private equity firm KKR, the Canadian funds said on Monday.
The 60-per-cent stake sale gives ERM an enterprise value of US$2.85-billion, a source familiar with the matter said.
U.K.-headquartered ERM operates in 40 countries and has more than 5,500 staff, advising clients on sustainability challenges and commercial opportunities.
OMERS had a little over 40 per cent of the business while AIMCo had slightly under 20 per cent, with ERM management holding the balance, the source added.
OMERS Private Equity, a unit of the Ontario Municipal Employees Retirement System, and AIMCo started investing in ERM in 2015 in a deal that valued the company at US$1.7-billion.
KKR is due to close its stake purchase in the third quarter.
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