News & Events

Hillcore Group Completes Acquisition of CEDA

CALGARY, AB – We are pleased to announce that effective June 18, 2024, the Hillcore Group, a leading independent Canadian investment firm, successfully completed the acquisition of CEDA, which has been majority-owned by OMERS since 2005.

This acquisition represents a step forward for CEDA, aligning with our strategic objectives and providing a platform for growth. By joining forces with the Hillcore Group, we have the opportunity to harness their resources and combine the strengths of both organizations to deliver enhanced value for our clients.

"We are excited to become part of the Hillcore Group of Companies," said Kevin Fleury, President & CEO of CEDA. "This acquisition opens up a wide range of possibilities, enabling us to expand our reach and enhance our capabilities. The Hillcore Group is well positioned to steward the continued growth of CEDA and has an impressive track record of partnering with its portfolio companies. At the same time, I would like to thank OMERS for their guidance and support over the last 19 years.”   

“We are happy to be acquiring CEDA at a time when market and growth opportunities are very favourable,” said Greg Tedesco, Managing Director & CFO of Hillcore Group. “Equally important for us is that the excellent leadership team at CEDA will continue to operate the business going forward, which will ensure continuity of great customer service. We welcome CEDA's approximately 1,500 employees to our existing family of businesses.”

“OMERS has been a proud partner of CEDA for nearly two decades and during this time it has built upon its strengths to better serve its markets through innovation and a culture of excellence,” said Teresa Lee, Managing Director, OMERS. “I would like to thank the entire CEDA team, led by Kevin Fleury, for their partnership through the years and wish them all the very best as they embark on this next chapter.”

The completion of this acquisition underscores our commitment to delivering excellence and our dedication to driving growth and innovation in partnership with the Hillcore Group. We look forward to the exciting opportunities that lie ahead.

About CEDA

CEDA specializes in providing industrial maintenance, turnaround and environmental services to clients in the oil and gas, pipeline, power, pulp and paper, chemical, mining, municipal and steel markets. With offices throughout North America, CEDA delivers more than 120 distinct services to support critical operations at its clients’ facilities. CEDA is committed to delivering world-class solutions through innovative technologies, equipment and processes, always with safety top of mind. www.CEDA.com 

About the Hillcore Group

Hillcore Group is an active purchaser and operator of various businesses across Canada, with a focus on backing management buyouts.

Hillcore invests predominantly in real estate, seniors living, industrial, logistics, forestry, and energy sectors. We have head offices located in Toronto and Vancouver. Through our various groups and portfolio companies, we employ more than 7,500 people throughout Canada. Entities under our management have an asset value in excess of $5 billion. www.HillcoreGroup.com

About OMERS Private Equity

OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, with C$128.6 billion in net assets as of December 31, 2023, including approximately C$25.1 billion in net private equity investment asset exposure. With teams in New York, London, Toronto and Singapore, OMERS Private Equity invests across Industrials, Healthcare, Business Services and Technology, deploying an evergreen capital base to partner with strong management teams and transform good companies into industry leaders around the globe. www.omersprivateequity.com

For further information:

Trish Kloberdanz, Corporate Communications Manager, CEDA

• Cell: 403-808-5239
• trish.kloberdanz@cedagroup.com

Hillcore Group

• info@HillcoreGroup.com

Vanessa Naughton, Associate Director, Investment Communications, OMERS

• Cell: 416-356-2827
• vnaughton@omers.com