Omers Infra, Goldman Sachs Asset Mgmt and AXA IM to buy Amedes

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Omers Infra Overview

Omers is a Canadian based company founded in 1962, with the current CEO Blake Hutcheson. The company specializes in the pension fund industry and holds offices in North America, Europe, Asia and Australia. Thus, recognized as one of the largest pension plans in Canada as it has generated more than $105 billion in net assets. The asset classes constituting Omer’s asset classes involve bonds, credit, public equity, private equity, infrastructure and real estate.

The strategy of Omers is oriented towards long term goals that include a sustainable and efficient plan in relation to sustainability, the management of funds that ensures financial health, diverse investment portfolios, engagement and advancements in operations.

 

Goldman Sachs Asset Management Overview

Goldman Sachs is a US based multinational investment bank, founded in 1869, with around 33 global offices. The company’s current operations include investment banking global markets, consumer & wealth management, and asset management. The CEO of Goldman Sachs is David Solomon, and the CEO of the Goldman Sachs Regarding asset management operations is is Jackie O-Connor. The company recorded more than $2 trillion in assets under supervision, worldwide, as of March 2021.

Goldman Sachs Asset Management’s (GSAM) strategy is to provide the best quantitative and crucial approaches to equity investing in order to meet client requirements. Within their strategy, GSAM has utilized a range of equity strategies that involve different investment styles, market caps and regions as well as diverse asset classes like equity, fixed income, liquidity solutions, alternatives and multi-assets.


 

AXA IM Alts Overview

AXA is a French based multinational insurance company, founded in 1997 with more than 22 office locations worldwide. The current CEO of the firm is Thomas Buberl. The company manages 658 billion euros in assets since December 2020 and recorded 869 billion euro in assets as of March 2021. AXA Investment Managers (AXA IM) is a branch of AXA that was created in 1994 within the global insurance and reinsurance sector, and it has been managed by Jean Pierre Helleybuyck.

The strategy of AXA is to rebound from the COVID-19 pandemic via a focus on gradually increasing and maintaining current financial performance, developing excellence in client experience and productivity, and maintaining its leadership in climate actions.

 

Amedes Overview

Amedes is a German based private company, founded in 1987 and specialized in medical laboratories and specialty diagnostics. The group is  currently managed by CEO Wolf Frederic Kupatt. Amedes was previously owned by Antin that had acquired Amedes in 2015 from General Atlantic for approx. 800 million euros. The company currently operates globally in 90 sites, located in Austria, Dubai, Germany and Belgium.

Amedes is known for its acquisitions to drive the fund’s future growth, marking 15 acquisitions in Germany for the year 2019 in order to expand its geographic footprint and leadership for the sector. The company is renowned to be one of the fourth largest private lab providers in Germany and Belgium. In the year 2020, Amedes became famous for its polymerase chain reactions (PCR) tests towards the COVID-19 pandemic along with genetic, microbiological, oncological and pathological tests. Amedes recorded more than 100 million euros in earnings in 2020.

 

Deal summary


 

 

Purpose of the deal

  • Overall, the main purpose of the deal for acquirers is to expand and increase exposure towards the medical laboratories and specialty diagnostics, in the German, Austrian and Belgium areas as part of their strategy.

Deal Structure

  • Deal potentially valued at 1.5 billion euros ($1.8 billion) including debt
  • Deal expected to close December 2021
  • The ownership deal structure is to be allocated as the following: OMERS Infrastructure (37.5%), Goldman Sachs (37.5%) and AXA IM Alts (25%) (bringing 100% acquisition of Amedes Group)
  • Further details on the deal to be announced later in this year.

Deal synergies

  • Senior managing directors of OMERS infrastructure, Philippe Busslinger, announces the deal as an opportunity to increase exposure in the medical sector and the geographical location : Germany to diversify its portfolio.
  • Matteo Botto Poala, managing director of the infrastructure business in Goldman Sachs Asset Management considers the deal as an opportunity to accelerate growth with “innovation, commercial and operational initiatives and acqusititions.”
  • Head of Infrastructure Equity from AXA IM, Mark Gilligan, mentioned that investment in Amedes “alongside Goldman Sachs Asset Management and OMERS infrastructure” corresponds to its 2021 June investment in Stockholm Exergi and is in line with the current strategy to have a portfolio with European infrastructure businesses. Gilligan also believes Amedes to have great potential in providing “first class cost effective services” to its clients.
  • The acquisition will enable Amedes to continue its objective regarding the expansion of its medical specialty diagnosis market position, and its label for innovation and specialization.

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