Key Takeaways
- • OMERS is selling LifeLabs Inc. to U.S.-based Quest Diagnostics in a transaction worth roughly $1.35 billion, expected to close by the end of 2024.
- • LifeLabs will retain its brand, headquarters and management after the deal closes, according to the press release.
- • OMERS acquired LifeLabs in 2007, and the sale marks the end of a 17-year holding period, per OMERS executive Michael Hill.
- • Ontario Teachers' Venture Growth is co-leading a US$140 million Series E raise for Japan-based HR software firm SmartHR Inc., alongside KKR & Co. Inc.
- • Proceeds from the SmartHR raise will fund growth initiatives, including new strategies and talent acquisition.
Summary
The Ontario Municipal Employees' Retirement System (OMERS) is selling LifeLabs Inc., the Canadian laboratory firm, to U.S.-based Quest Diagnostics in a deal valued at roughly $1.35 billion, according to a company press release reported by Benefits Canada. The transaction is expected to close by the end of 2024. LifeLabs will retain its brand, headquarters and management after the closing.
Michael Hill, executive vice-president and global head of infrastructure at OMERS, said the pension plan was proud to have supported LifeLabs' growth over the past 17 years. OMERS first purchased the company in 2007 and made subsequent investments that helped it develop into what Hill described as a "great Canadian success story."
In a separate transaction, the venture capital arm of the Ontario Teachers' Pension Plan, Teachers' Venture Growth, is co-leading a Series E financing for SmartHR Inc., a Japan-based human resources and labor management software platform. Teachers' Venture Growth will jointly lead the US$140 million round alongside global investment firm KKR & Co. Inc. The company stated that the proceeds will accelerate growth through new strategies and talent acquisition.
Olivia Steedman, executive managing director and global head at Teachers' Venture Growth, said Japanese companies are increasingly transforming their businesses with digital solutions, positioning SmartHR to support a range of their labor management needs. She added that the fund intends to work alongside KKR and leverage its global expertise to act as a value-adding partner.
Michael Hill, executive vice-president and global head of infrastructure at OMERS, said the pension plan was proud to have supported LifeLabs' growth over the past 17 years. OMERS first purchased the company in 2007 and made subsequent investments that helped it develop into what Hill described as a "great Canadian success story."
In a separate transaction, the venture capital arm of the Ontario Teachers' Pension Plan, Teachers' Venture Growth, is co-leading a Series E financing for SmartHR Inc., a Japan-based human resources and labor management software platform. Teachers' Venture Growth will jointly lead the US$140 million round alongside global investment firm KKR & Co. Inc. The company stated that the proceeds will accelerate growth through new strategies and talent acquisition.
Olivia Steedman, executive managing director and global head at Teachers' Venture Growth, said Japanese companies are increasingly transforming their businesses with digital solutions, positioning SmartHR to support a range of their labor management needs. She added that the fund intends to work alongside KKR and leverage its global expertise to act as a value-adding partner.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.