OMERS Private Equity has acquired Bionic, a provider of essential energy, insurance, finance and connectivity services to UK SMEs from ECI Partners and its founders.
OMERS Private Equity has taken a majority stake in the Company, with the management team, led by Paul Galligan, CEO of Bionic, and ECI Partners and the founders investing alongside OMERS. OMERS Private Equity will provide resources and expertise to help drive the Company’s organic growth as well as further accelerate its strategic expansion through M&A.
Bionic made six acquisitions during ECI’s investment. ECI acquired Bionic in 2017 when it was still called Make it Cheaper.
ECI generated a return of 4.8x following their five-year partnership with Bionic. No other financial terms of the transaction were disclosed.
Founded in 2007, Bionic matches SME business owners with energy, insurance, connectivity, telecoms and commercial finance solutions from its platform of specially selected providers, suppliers and products. Leveraging a tech-enabled team and smart technology, the company offers end-to-end service – including comparison, switch management, customer service and renewals – that help business owners save time and money.
Jonathan Mussellwhite, Senior Managing Director and OMERS Head of European Private Equity, said: “As a leading technology-enabled services platform, Bionic’s high-quality digital-hybrid model, one that pairs smart technology with world class human service, is at the forefront of helping UK SMEs source their business essentials: energy, insurance, finance and connectivity. We are excited by the opportunity to bring OMERS track record of international and acquisitive growth to Bionic as we support Paul and the Bionic management team in the continued growth of the business.”
Paul Galligan, CEO of Bionic, said: “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. From our very first meeting with OMERS it was clear there was a strong cultural alignment and passion for the customers we serve. We were well aware of OMERS long term commitment to its portfolio companies, and as an investor that is well-regarded for its steady buy and build approach, we look forward to the team’s support in achieving our goals for continued strategic expansion through M&A.”
James Frankish, Managing Director, OMERS Private Equity Europe, said: “Bionic’s strong track record of acting as a strategic partner to the entrepreneurs active in the UK’s SME sector speaks for itself. 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 eager to get to work with this high-growth business and to leverage OMERS evergreen capital and experience with strategic acquisitions to help Bionic achieve its goal of becoming the pre-eminent European market leader serving the needs of SMEs.”