British Columbia Investment Management Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, British Columbia Investment Management has acquired 7 companies. It has also invested in 3 others.

British Columbia Investment Management’s most common sectors for investment areutilities (12%) and aerospace (6%) . The Firm’s most common investment types include secondary buyout (48%) and growth capital (24%). In total, British Columbia Investment Management has invested in 5 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired National Grid - Gas Transmission & Metering Business for $14.8B.

In the last 3 years, British Columbia Investment Management has exited 3 companies. The Firm’s most common exit type is secondary buyout (67%). British Columbia Investment Management’s largest (disclosed) exit occurred in 2022 when it sold Pilot Freight Services for $1.7B.

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M&A Summary

  • M&A Total Activity20
    • M&A Buy Activity17
    • M&A Sell Activity3
  • Total Sectors Invested 16
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 10
  • M&A Advisors 7

British Columbia Investment Management Corp. (BCI)

750 Pandora Ave,
Victoria, British Columbia V8W 0E4
Canada
(778) 410-7100
www.bci.ca

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Energy Services and Equipment, Financial Services, Infrastructure, Manufacturing, Transportation, Utilities

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.4/yr) # 5 2 2 3 2 3 17
vol $842M $17.6B $18.4B
Sell (0.6/yr) # - - - - 1 2 3
vol $1.7B $1.7B
  20

Most Recent M&A

Company Date Value Type
Authority Brands LLC 2022-09-20 - Secondary Buyout
Columbia, Maryland · www.theauthoritybrands.com
National Grid - Gas Transmission & Metering Business 2022-03-27 14.8B GBP Divestiture
London, United Kingdom
Reden Solar 2022-03-07 2.8B EUR Secondary Buyout
Roquefort-sur-Soulzon, France · www.reden.solar
Refresco Gerber B.V. 2022-02-22 - Secondary Buyout
Rotterdam, Netherlands · www.refresco.com
Pilot Freight Services, Inc. 2022-02-09 1.7B USD Add-on Acquisition
Glen Mills, Pennsylvania · www.pilotdelivers.com
Adams Outdoor Advertising LP 2021-09-20 - Growth Capital
Lansing, Michigan · www.adamsoutdoor.com
Springs Window Fashions LLC 2021-07-28 - Secondary Buyout
Montgomery, Pennsylvania · www.springswindowfashions.com
Pete and Gerry’s Organics LLC 2021-05-04 - Buyout (LBO, MBO, MBI)
Lebanon, New Hampshire · www.peteandgerrys.com
Compre Group 2020-11-30 - Secondary Buyout
London, United Kingdom · www.compre-group.com
ClearMacro Ltd. 2020-02-04 - Growth Capital
London, United Kingdom · www.clearmacro.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hayfin Capital Management LLP 2017-01-31 Grupo Itevelesa SA 2021-07-27 1
London, United Kingdom · www.hayfin.com Madrid, Spain · www.itevelesa.com
Waterlogic International 2020-01-28 Tipperary Pure Irish Water 2020-10-21 17
Berkshire, United Kingdom · www.waterlogic.com Dublin, Ireland · www.tipperarywater.ie
Hayfin Capital Management LLP 2017-01-31 Novartis AG - TOBRADEX & NATACYN 2019-10-16 3
London, United Kingdom · www.hayfin.com Basel, Switzerland

M&A by Sector

Sector Current # Value All-time # Value
Utilities 2 (14%) - 2 (12%) -
Energy Services and Equipment 1 (7%) 14.8B (80%) 1 (6%) 14.8B (80%)
Renewable Energy 1 (7%) 2.8B (15%) 1 (6%) 2.8B (15%)
Real Estate 1 (7%) 840M (5%) 1 (6%) 840M (5%)
Beverages - - 1 (6%) 2M (< 1%)
Aerospace 1 (7%) - 1 (6%) -
Agriculture 1 (7%) - 1 (6%) -
Business Services 1 (7%) - 1 (6%) -
Consumer Products - - 1 (6%) -
Financial Services 1 (7%) - 1 (6%) -
Franchising 1 (7%) - 1 (6%) -
Infrastructure 1 (7%) - 1 (6%) -
Insurance 1 (7%) - 1 (6%) -
Marketing 1 (7%) - 1 (6%) -
Software 1 (7%) - 1 (6%) -
Transportation - - 1 (6%) -
Total 14 $18.4B 17 $18.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 6 (43%) 14.8B (80%) 6 (35%) 14.8B (80%)
United States 4 (29%) - 6 (35%) -
  Pennsylvania - - 2 (12%) -
  New Hampshire 1 (7%) - 1 (6%) -
  Michigan 1 (7%) - 1 (6%) -
  Maryland 1 (7%) - 1 (6%) -
  California 1 (7%) - 1 (6%) -
Canada 3 (21%) 840M (5%) 3 (18%) 840M (5%)
  British Columbia 2 (14%) - 2 (12%) -
  Alberta 1 (7%) 840M (5%) 1 (6%) 840M (5%)
France 1 (7%) 2.8B (15%) 1 (6%) 2.8B (15%)
Netherlands - - 1 (6%) 2M (< 1%)
Total 14 $18.4B 17 $18.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (50%) 2.8B (15%) 8 (47%) 2.8B (15%)
Growth Capital 3 (21%) - 4 (24%) -
Divestiture 1 (7%) 14.8B (80%) 1 (6%) 14.8B (80%)
Add-on Acquisition 1 (7%) 840M (5%) 1 (6%) 840M (5%)
Going Private - - 1 (6%) 2M (< 1%)
Buyout (LBO, MBO, MBI) 1 (7%) - 1 (6%) -
Stake Purchase 1 (7%) - 1 (6%) -
Total 14 $18.4B 17 $18.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 2 (67%) -
Trade Sale - Public Company 1 (33%) 1.7B (100%)
Total 3 $1.7B

Top M&A Advisors

Financial Deals
Macquarie Capital
1
KAL Capital Markets LLC
1
Legal Deals
Fried Frank Harris Shriver & Jacobson LLP
1
Lawson Lundell LLP
1
Latham & Watkins
1

Deal Values

buy # Total
> $1B 2 $17.6B
$100M to $1B 1 $840M
< $100M 1 $2M
TOTAL $18.4B
Largest National Grid - Gas Transmission & Metering Business
$14.8B (2022-03-27)
sell # Total
> $1B 1 $1.7B
TOTAL $1.7B
Largest Pilot Freight Services, Inc.
$1.7B (2022-02-09)

M&A Connections

Deals
Acquired from
Investor(s)
41%
7 (41%)
Strategic(s)
6%
1 (6%)
Exited to
Investor(s)
67%
2 (67%)
Strategic(s)
33%
1 (33%)

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