- Bionic provides energy, insurance, finance and connectivity services to UK SMEs
- OMERS last month invested in Network Plus, another UK-based utility provider
- OMERS plans to boost Bionic’s strategic expansion through M&A
OMERS Private Equity announced an agreement to acquire Bionic from ECI Partners and its founders. The transaction is anticipated to close by Q3, and OMERS Private Equity will take a majority stake in the company. No financial terms for the transaction were disclosed.
Headquartered in London, Bionic matches UK-based small to medium enterprises with energy, insurance, finance and connectivity providers via its platform of products and suppliers. Bionic, now serving 150,000 SMEs, offers an end-to-end service, which includes switch management, comparison, customer service and renewals.
Toronto-based OMERS Private Equity manages private equity assets for OMERS, the defined benefit pension plan for municipal employees in Ontario. The firm invests in mid-sized companies, and its portfolio consists of investments in 20 companies headquartered across the US, Canada and Europe.
“Bionic’s strong track record of acting as a strategic partner to the entrepreneurs active in the UK’s SME sector speaks for itself,” said James Frankish, managing director, OMERS Private Equity Europe. “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 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,” commented Paul Galligan, Bionic CEO. “From our very first meeting with OMERS it was clear there was a strong cultural alignment and passion for the customers we serve.”