CPE News (7.20.2022) – OMERS Private Equity has entered into definitive agreement to acquire Bionic Services Limited from ECI Partners and its founders. Financial terms were not disclosed.
OMERS Private Equity acquired a majority stake, with the management team led by Paul Galligan, CEO of Bionic, and ECI Partners and the founders holding minority stakes.
MERS Private Equity will provide resources and expertise to help drive Bionic organic growth as well as further accelerate its strategic expansion through M&A.
Founded by Jeremy Elliott and Jonathan Elliott, London, UK based Bionic is a leading provider of essential energy, insurance, finance and connectivity services to UK small-to-medium enterprises (SMEs).
ECI partners acquired Bionic, formerly known as Make It Cheaper, in 2017 in partnership with the founders.
ECI Partners said the secondary sale generated a return of 4.8x following the five-year partnership.
photo credit: Binoic
OMERS Private Equity announces agreement to acquire Bionic, a leading provider of essential services to UK SMEs
Investment will help accelerate Bionic’s growth in the UK and internationally
LONDON, July 20, 2022 (GLOBE NEWSWIRE) — OMERS Private Equity today announced the signing of a definitive agreement to acquire Bionic (“Bionic” or “the Company”), a leading provider of essential energy, insurance, finance and connectivity services to UK small-to-medium enterprises (SMEs) from ECI Partners and its founders.
OMERS Private Equity will take a majority stake in the Company, with the management team, led by Paul Galligan, CEO of Bionic, and ECI Partners and the founders investing alongside OMERS. OMERS Private Equity will provide resources and expertise to help drive the Company’s organic growth as well as further accelerate its strategic expansion through M&A.
Financial terms of the transaction were not disclosed.
Founded in 2007, Bionic matches SME business owners with energy, insurance, connectivity, telecoms and commercial finance solutions from its platform of specially selected providers, suppliers and products. Leveraging a tech-enabled team and smart technology, the company offers end-to-end service – including comparison, switch management, customer service and renewals – that help business owners save time and money.
Jonathan Mussellwhite, Senior Managing Director and OMERS Head of European Private Equity, said: “As a leading technology-enabled services platform, Bionic’s high-quality digital-hybrid model, one that pairs smart technology with world class human service, is at the forefront of helping UK SMEs source their business essentials: energy, insurance, finance and connectivity. We are excited by the opportunity to bring OMERS track record of international and acquisitive growth to Bionic as we support Paul and the Bionic management team in the continued growth of the business.”
Paul Galligan, CEO of Bionic, said: “We are thrilled to partner with OMERS Private Equity, a deeply-experienced global investor, and to leverage the team’s expertise to further accelerate Bionic’s growth. From our very first meeting with OMERS it was clear there was a strong cultural alignment and passion for the customers we serve. We were well aware of OMERS long term commitment to its portfolio companies, and as an investor that is well-regarded for its steady buy and build approach, we look forward to the team’s support in achieving our goals for continued strategic expansion through M&A.”
James Frankish, Managing Director, OMERS Private Equity Europe, said: “Bionic’s strong track record of acting as a strategic partner to the entrepreneurs active in the UK’s SME sector speaks for itself. As active investors and managers, we have been impressed by the Company’s ability to continually broaden its portfolio of services, as well as its commitment to further enhancing its already-robust customer service standards. We are eager to get to work with this high-growth business and to leverage OMERS evergreen capital and experience with strategic acquisitions to help Bionic achieve its goal of becoming the pre-eminent European market leader serving the needs of SMEs.”
OMERS Private Equity partners with companies that are leaders in their sector, investing across industrial services, healthcare services, business services, and software. The investment in Bionic builds on the firm’s momentum in European services investments and marks its second acquisition in the UK services sector this year, following OMERS investment in Network Plus earlier this month. Bionic joins the broader OMERS Private Equity pan-European portfolio of high growth, acquisition driven companies including AMS, Trescal, International Schools Partnership and Network Plus.
The transaction is anticipated to close by Q3, subject to customary conditions.
DC Advisory is serving as financial advisor and Weil, Gotshal & Manges is serving as legal counsel to OMERS Private Equity.
About OMERS Private Equity:
OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, with C$121 billion in net assets as at December 31, 2021, including approximately C$19.6 billion in net private equity investment asset exposure. With teams in New York, London, Toronto and Singapore, OMERS Private Equity invests across Industrials, Healthcare, Business Services and Technology, deploying an evergreen capital base to partner with strong management teams and transform good companies into industry leaders around the globe. www.omersprivateequity.com
Bionic is the smart way for Britain’s SMEs to sort their business essentials. By combining smart technology with world class human service, Bionic matches SME business owners with the right business energy, insurance, connectivity and commercial finance solutions. Founded in 2007, the business now serves 150,000 small business owners. https://bionic.co.uk/
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