Tim Patterson, an 11-year veteran of OMERS Private Equity, will leave the organization at the end of January, sources told Buyouts.
The decision was made by Patterson for personal reasons, the sources said. His future plans are not known. OMERS, a C$109 billion ($86 billion) pension fund, declined to comment.
Patterson is one of the PE group’s six senior managing directors. He is also head of healthcare – a key sector specialization of OMERS – leading a deal team from Toronto. His focus is multi-site service businesses, including in the post-acute healthcare services space, according to OMERS’ website.
Patterson led or co-led some of OMERS’ best-known healthcare investments. They include CBI Health Group, a community healthcare services provider acquired in 2011 from Clearspring Capital Partners, and Forefront Dermatology, a dermatology practice manager acquired in 2016 from Varsity Healthcare Partners.
Another is direct-access care network Premise Health, bought in 2018 from Water Street Healthcare Partners and Walgreens for about $1.1. billion, PE Hub reported. Patterson helped OMERS win out in a hotly contested auction, the report said.
Patterson is a director of CBI Health, Forefront and Premise. He was also a director of Accelerated Rehabilitation Centers, an outpatient rehab services provider acquired in 2011 from Gryphon Investors and sold three years later to Athletico Physical Therapy, reportedly for $450 million.
Patterson also led or co-led investments in other sectors. An example is Husky Injection Molding Systems, a plastic molding equipment maker bought alongside Berkshire Partners in 2011 from Onex Corp. Husky was sold in 2018 to Platinum Equity for $3.85 billion.
Prior to joining OMERS in 2010, Patterson was a managing director with CAI Capital Partners, a mid-market PE firm. Before, he held an executive role at a venture capital firm and worked in the commercial banking operations of two of Canada’s largest banks.
OMERS’ PE group oversaw net assets of C$15.7 billion as of December 2019. It is led by Michael Graham, who last April replaced Mark Redman as the pension fund’s global head of private equity. Graham formerly led the North American strategy.
The PE group, which also specializes in doing deals in business services, industrials and software, this month closed its latest investment. OMERS acquired TurnPoint Services, an electrical, HVAC and plumbing services provider, from Trivest Partners.