LOS ANGELES--()--The Gores Group, a leading Los Angeles-based investment firm, today announced that it has entered into a definitive agreement to acquire three business units in Canada from the Davis + Henderson Corporation (TSX:DH), focused on (i) business process outsourcing, (ii) coupon and rebate processing, and (iii) real estate software. Terms of the transaction, which was led by The Gores Small Capitalization Partners, were not disclosed.
“The Gores Group is excited about the formation of Millennium Process Group as a result of the acquisition of these D+H assets”
These business units will be operated under the newly formed Millennium Process Group, Inc, which is headquartered in East Mall, Ontario. Regional offices located in Saint John, New Brunswick and London, Ontario will remain in place servicing the Canadian coupon and real estate markets.
"The Gores Group is excited about the formation of Millennium Process Group as a result of the acquisition of these D+H assets," said Victor C. Otley, Managing Director for The Gores Group. "This platform will provide current and future customers a stable service delivery platform focused on the Canadian market. The current operating teams will continue to manage these business units as we look to expand both the scope and depth of service offerings. We look forward to working with management and employees as we build out our services and capabilities independently from D+H."
Brian Kyle, CFO of Davis and Henderson said, “The Gores Group has an outstanding reputation in carving out and operating non-core assets. We are confident that the customers will see no degradation in the quality of service being provided.”
The transaction is expected to close in the second quarter of 2013.
About The Gores Group, LLC
The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.
D+H is a leading provider of secure and reliable technology solutions to North American financial institutions. With a long history as a trusted partner to banks, credit unions and other financial services providers, D+H's solutions allow our customers to focus on serving their customers. And, as the financial services marketplace continues to evolve, so do we. D+H offers a wide spectrum of technologies and services that are designed to help financial institutions stay competitive by supporting specific areas of their business as well as overall operations. D+H's diverse and growing portfolio includes everything from lending technologies, to loan administration services, to payment solutions including cheque and value-added membership marketing programs. In 2012, D+H rose to 35th on the FinTech 100, a ranking of the top technology providers to the global financial services industry.
Davis + Henderson Corporation is listed on the Toronto Stock Exchange under the symbol DH. Further information can be found in the disclosure documents filed by Davis + Henderson Corporation with the securities regulatory authorities, available at www.sedar.com.