CPP Investments Mergers and Acquisitions Summary

Pension Profile

In the last 3 years, CPP Investments has acquired 8 companies. It has also invested in 4 others.

CPP Investments’ most common sectors for investment areretail (9%) and education (7%) . The Firm’s most common investment types include secondary buyout (20%) and stake purchase (20%). In total, CPP Investments has invested in 13 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Refinitiv for $20.0B.

In the last 3 years, CPP Investments has exited 4 companies. The Firm’s most common exit type is trade sale (59%). CPP Investments’ largest (disclosed) exit occurred in 2019 when it sold Refinitiv for $27.0B.

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M&A Summary

  • M&A Total Activity59
    • M&A Buy Activity47
    • M&A Sell Activity12
  • Total Sectors Invested 27
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 40

CPP Investments

Canada Pension Plan Investment Board (CPP Investments)

One Queen Street East, Suite 2500,
Toronto, Ontario M5C 2W5
Canada
(416) 868-4075
www.cppinvestments.com/the-fund/our-investments/investment-private-equity/
contact@cppib.com

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Education, Energy Services and Equipment, Financial Services, Healthcare Services, Information Services, Information Technology, Insurance, Leisure, Manufacturing, Media, Packaging, Publishing, Restaurants, Retail, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 150 -
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.0/yr) # 32 3 6 4 2 - 47
vol $80.1B $14.0B $12.5B $106.6B
Sell (1.0/yr) # 7 1 3 - - 1 12
vol $41.7B $7.3B $4.7B $53.7B
  59

Most Recent M&A

Company Date Value Type
Dorna Sports SL 2024-04-01 4.7B EUR Trade Sale
Madrid, Spain · www.dorna.com
Power2X Services B.V. 2023-07-12 - Buyout (LBO, MBO, MBI)
Amsterdam, Netherlands · www.power2x.com
Qualtrics International, Inc. 2023-03-12 12.5B USD Going Private
Provo, Utah · www.qualtrics.com
Aera Energy LLC 2022-09-01 - Divestiture
Bakersfield, California · www.aeraenergy.com
D1 S.A.S. 2022-07-07 - Stake Purchase
Bogotá, Colombia · www.d1.com.co
D1 S.A.S 2022-07-07 - Stake Purchase
Tocancipá, Colombia · www.tiendasd1.com
Advarra, Inc. 2022-06-10 - Secondary Buyout
Columbia, Maryland · www.advarra.com
Berlin Packaging LLC 2021-11-18 - Recapitalization
Chicago, Illinois · www.berlinpackaging.com
McAfee Corp. 2021-11-08 14.0B USD Going Private
Santa Clara, California · www.mcafee.com
Inmarsat Group Ltd. 2021-11-08 7.3B USD Trade Sale
London, United Kingdom · www.inmarsat.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Wilton Re Holdings Ltd. 2014-03-21 ivari 2023-08-25 1
Norwalk, Connecticut · www.wiltonre.com Toronto, Ontario · www.ivari.ca
Berlin Packaging LLC 2021-11-18 Bark Packaging Group 2022-10-04 15
Chicago, Illinois · www.berlinpackaging.com Eerbeek, Netherlands · www.barkpackaginggroup.com
Berlin Packaging LLC 2021-11-18 Jansy Packaging LLC 2022-07-21 14
Chicago, Illinois · www.berlinpackaging.com Fort Lee, New Jersey · www.jansypkg.com
Galileo Global Education 2020-03-06 AKAD Bildungsgesellschaft mbH 2022-03-01 1
Paris, France · www.ggeedu.com Stuttgart, Germany · www.akad.de
Wilton Re Holdings Ltd. 2014-03-21 Allstate Life Insurance Company of New York 2021-03-29 2
Norwalk, Connecticut · www.wiltonre.com Northbrook, Illinois
Nord Anglia Education, Inc. 2017-04-25 Oxford International Education Group - Schools Division 2021-03-16 1
Hong Kong, China · www.nordangliaeducation.com London, United Kingdom
Calpine Corp. 2017-08-18 Calpine Corp. - Two Contracted Power Plants 2019-04-11 1
Houston, Texas · www.calpine.com Houston, Texas
HBX Group 2016-04-28 GTA Travel 2017-04-21 2
Palma de Mallorca, Spain · www.hbxgroup.com Los Angeles, California · www.gta-travel.com
Wilton Re Holdings Ltd. 2014-03-21 Continental Assurance Company 2014-08-01 1
Norwalk, Connecticut · www.wiltonre.com Chicago, Illinois

M&A by Sector

Sector Current # Value All-time # Value
Retail 2 (6%) - 4 (9%) 10.6B (10%)
Information Technology 2 (6%) 19.3B (33%) 3 (6%) 19.3B (18%)
Renewable Energy 3 (9%) 6.8B (12%) 3 (6%) 6.8B (6%)
Utilities 3 (9%) 5.6B (10%) 3 (6%) 5.6B (5%)
Education 3 (9%) 4.3B (7%) 3 (6%) 4.3B (4%)
Real Estate 2 (6%) 1.7B (3%) 3 (6%) 1.7B (2%)
Information Services - - 2 (4%) 22.4B (21%)
Manufacturing 1 (3%) - 2 (4%) 5.0B (5%)
Communications 1 (3%) - 2 (4%) 3.4B (3%)
Insurance 2 (6%) 2.9B (5%) 2 (4%) 2.9B (3%)
Energy Services and Equipment 2 (6%) - 2 (4%) -
Infrastructure 2 (6%) - 2 (4%) -
Marine 2 (6%) - 2 (4%) -
Internet Software and Services 1 (3%) 12.5B (22%) 1 (2%) 12.5B (12%)
Medical Products - - 1 (2%) 6.3B (6%)
Agriculture 1 (3%) 2.5B (4%) 1 (2%) 2.5B (2%)
Leisure 1 (3%) 1.3B (2%) 1 (2%) 1.3B (1%)
Engineering - - 1 (2%) 1.1B (1%)
Oil/Gas Exploration 1 (3%) 900M (2%) 1 (2%) 900M (1%)
Apparel/Textiles 1 (3%) - 1 (2%) -
Digital Media - - 1 (2%) -
Environmental 1 (3%) - 1 (2%) -
Financial Services - - 1 (2%) -
Food 1 (3%) - 1 (2%) -
Life Science 1 (3%) - 1 (2%) -
Packaging 1 (3%) - 1 (2%) -
Transportation 1 (3%) - 1 (2%) -
Total 35 $57.8B 47 $106.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (51%) 48.1B (83%) 25 (53%) 91.1B (85%)
  California 6 (17%) 25.4B (44%) 7 (15%) 30.0B (28%)
  Texas 3 (9%) 6.8B (12%) 6 (13%) 20.2B (19%)
  Colorado 1 (3%) 900M (2%) 2 (4%) 5.9B (6%)
  Utah 1 (3%) 12.5B (22%) 1 (2%) 12.5B (12%)
  Connecticut 1 (3%) 1.8B (3%) 1 (2%) 1.8B (2%)
  Florida 1 (3%) 689M (1%) 1 (2%) 689M (1%)
  Pennsylvania 1 (3%) - 1 (2%) -
  New Jersey 1 (3%) - 1 (2%) -
  Massachusetts 1 (3%) - 1 (2%) -
  Maryland 1 (3%) - 1 (2%) -
  Illinois 1 (3%) - 1 (2%) -
  New York - - 1 (2%) 20.0B (19%)
  Virginia - - 1 (2%) -
United Kingdom 2 (6%) 1.6B (3%) 4 (9%) 5.0B (5%)
France 2 (6%) - 2 (4%) -
India 2 (6%) - 2 (4%) -
Colombia 2 (6%) - 2 (4%) -
Mexico 2 (6%) - 2 (4%) -
Switzerland 1 (3%) 2.5B (4%) 2 (4%) 4.9B (5%)
China 1 (3%) 4.3B (7%) 2 (4%) 4.3B (4%)
Spain 1 (3%) 1.3B (2%) 2 (4%) 1.3B (1%)
Canada 1 (3%) - 1 (2%) -
  British Columbia 1 (3%) - 1 (2%) -
Germany 1 (3%) - 1 (2%) -
Brazil 1 (3%) - 1 (2%) -
Netherlands 1 (3%) - 1 (2%) -
Total 35 $57.8B 47 $106.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (14%) 1.8B (3%) 9 (19%) 14.8B (14%)
Stake Purchase 8 (23%) - 9 (19%) -
Going Private 5 (14%) 41.7B (72%) 8 (17%) 56.4B (53%)
Divestiture 6 (17%) 6.5B (11%) 8 (17%) 26.5B (25%)
Buyout (LBO, MBO, MBI) 5 (14%) 7.3B (13%) 6 (13%) 7.3B (7%)
Growth Capital 3 (9%) - 3 (6%) -
Joint Venture 1 (3%) 473M (1%) 1 (2%) 473M (< 1%)
PIPE 1 (3%) - 1 (2%) -
Recapitalization 1 (3%) - 1 (2%) -
Venture - - 1 (2%) -
Total 35 $57.8B 47 $105.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 6 (50%) 48.3B (90%)
IPO 2 (17%) -
Secondary Sale 1 (8%) 5.4B (10%)
Bankruptcy 1 (8%) -
Stake Sale 1 (8%) -
Trade Sale 1 (8%) -
Total 12 $53.7B

Deal Values

buy # Total
> $1B 19 $104.5B
$100M to $1B 3 $2.1B
TOTAL $106.6B
Largest Refinitiv
$20.0B (2018-01-30)
sell # Total
> $1B 6 $52.8B
$100M to $1B 1 $988M
TOTAL $53.7B
Largest Refinitiv
$27.0B (2019-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
28%
13 (28%)
Strategic(s)
19%
9 (19%)
Exited to
Investor(s)
8%
1 (8%)
Strategic(s)
58%
7 (58%)

Investor Summary

Investor Type

Pension

Size

Mega

Established

1997

Specialist/Generalist

Generalist

Leadership

John Graham

President & CEO

Kristina Fanjoy

Senior Managing Director & CFO

Geoffrey Rubin

Senior Managing Director & Chief Investment Strategist

Kristen Walters

Senior Managing Director & Chief Risk Officer

Mary Sullivan

Senior Managing Director & Chief Talent Officer

FAQ

When was CPP Investments founded?

CPP Investments was founded in 1997.

What type of investor is CPP Investments?

CPP Investments is a pension.

Where is CPP Investments headquartered?

CPP Investments is headquartered in Toronto, Ontario.

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