CPE News (9.18.2023) – OMERS Private Equity has agreed to acquire a majority stake in Knight Commercial. Knight Commercial’s co-founders, Adam McKelvey and Peter Tredennick, will remain significant shareholders.
The transaction is expected to close in September 2023. Financial terms of the transaction were not disclosed.
Founded in 2001, Knight Commercial provides mitigation, reconstruction, and roofing services to leading commercial property owners and asset managers. Knight Commercial is headquartered in Dallas, Texas with the ability to serve the entire U.S. through 12 strategically-located facilities.
photo credit: Knight Commercial
OMERS Private Equity announces agreement to acquire Knight Commercial, a leading provider of commercial restoration services
NEW YORK and TORONTO, Sept. 18, 2023 (GLOBE NEWSWIRE) — OMERS Private Equity today announced the signing of a definitive agreement to acquire a majority stake in Knight Commercial (“Knight Commercial” or “the Company”). Knight Commercial’s co-founders, Adam McKelvey and Peter Tredennick, will remain significant shareholders of the Company. Financial terms of the transaction were not disclosed.
Founded in 2001, Knight Commercial provides mitigation, reconstruction, and roofing services to leading commercial property owners and asset managers. The Company is headquartered in Dallas, Texas with the ability to serve the entire U.S. through 12 strategically-located facilities.
OMERS Private Equity identified Knight Commercial as part of its broader investment thesis in the property restoration sector. The investment builds on OMERS Private Equity’s deep history of partnering with industry leading companies with world class leadership teams. The proceeds from the OMERS investment will be used to further expand the Company’s footprint and support growth through M&A.
“Knight Commercial Services has a proud history of success in serving commercial real estate clients with restoration, construction and roofing needs across the country, oftentimes in emergency situations,” said Adam McKelvey, Chief Executive Officer, Knight Commercial. “We are incredibly excited to partner with OMERS Private Equity as we continue to elevate Knight as a global leader within the commercial services sector by honoring our relationships with a comprehensive commitment to excellence.”
“We are thrilled about our partnership with the team at OMERS Private Equity,” added Peter Tredennick, President, Knight Commercial. “Our culture and vision are perfectly aligned to enable future growth and success at Knight Commercial. This partnership strengthens our position in the market and enhances our ability to provide even greater value to our customers.”
“Adam, Peter and the entire leadership team have done an incredible job of building Knight Commercial into the industry leader it is today,” said Eric Haley, Head of North America, OMERS Private Equity. “Since the onset of our relationship, we have been impressed by the team’s unwavering commitment to its customers and to service excellence. We look forward to partnering with the entire team at Knight Commercial to further accelerate the Company’s growth, leveraging the broader network of OMERS people, assets and capital.”
“Knight Commercial brings a wealth of expertise, experience and a strong brand in the commercial restoration industry. This, paired with OMERS track record of supporting businesses across the commercial services sector, makes for a strong partnership that we believe will drive continued strong growth in the business,” added Scott Hauser, Managing Director, OMERS Private Equity.
The transaction is expected to close in September 2023. Akin Gump Strauss Hauer & Feld LLP acted as legal counsel and Stephens Inc. acted as financial advisor for Knight Commercial. Cravath, Swaine & Moore LLP and Weil, Gotshal & Manges LLP acted as legal counsel and Harris Williams served as financial advisor for OMERS Private Equity. TD, Citizens, and SMBC provided financing for the transaction.
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$124.2 billion in net assets as of December 31, 2022, including approximately C$23.2 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. http://www.omersprivateequity.com
About Knight Commercial:
Knight Commercial provides restoration, construction, and roofing services to a broad set of commercial customers across industrial, multifamily, office, hospitality, and government end markets. Based in Dallas, Texas, the Company provides services throughout the U.S. with 12 locations today. www.knightcommercial.com
Associate Director, Investment Communications, OMERS
T: +1 416.356.2827