By Mark Kleinman, City Editor
One of Canada's biggest pension funds is plotting a takeover of Equiniti, the outsourcing group responsible for administering the pensions of millions of British civil servants.
Sky News understands that Omers Private Equity, which counts the Vue cinema chain among its investments, has sounded out Equiniti's current owner about a deal.
Sources said Omers was among a number of parties to have approached Advent International in recent weeks.
Employing more than 3000 people, Equiniti is a specialist in business process outsourcing, and has been owned by Advent since 2007.
Rothschild, the investment bank, is being lined up to evaluate a sale or public listing of Equiniti, which could value it in the region of £1.5bn.
Previously owned by Lloyds TSB, Equiniti counts more than half of the members of the FTSE-100, including HSBC, Marks & Spencer and Shell, among its clients.
Its examination of a flotation or sale has emerged just weeks before the General Election, when the role of rival outsourcers such as G4S and Serco is likely to be the subject of political debate.
Originally a registrar business focused on the administration and payment of shareholder dividends at companies such as Barclays and Tesco, it has diversified into services including pension and benefits administration, and technology to support loan servicing and complaints handling.
The company's chief executive, Guy Wakeley, joined just over a year ago, replacing Wayne Story, who quit shortly after Royal Mail's £3.3bn flotation.
The ensuing controversy around the postal operator's valuation ensnared Equiniti, which was dogged by complaints that the outsourcing group had failed to process 'Sell' orders sufficiently quickly.
Criticisms of Equiniti posted on Twitter and other internet forums during the privatisation had been investigated and been found to be invalid because investors had failed to understand correctly the procedures for selling Royal Mail shares, sources said at the time.
Equiniti describes itself as "the leading provider of shareholder services in the UK based on revenues and the number of underlying shareholder and employee records administered, providing services to more than 1,000 corporate clients and 17 million shareholders".
It boasts that its longest-standing client relationship has existed for 177 years, while earlier this week it was hired to manage a major contract for the UK Passport Office.
The company has been acquisitive under Advent's ownership, with its most significant deal taking place last October when it took control of MyCSP, which administers civil service pensions.
Advent and Omers declined to comment.
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