British Columbia Investment Management Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, British Columbia Investment Management has acquired 5 companies. It has also invested in 1 other.

British Columbia Investment Management’s most common sectors for investment aretransportation (12%) and utilities (12%) . The Firm’s most common investment types include secondary buyout (50%) and growth capital (23%). In total, British Columbia Investment Management has invested in 6 US states and 6 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 Activity21
    • M&A Buy Activity18
    • M&A Sell Activity3
  • Total Sectors Invested 16
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 11
  • M&A Advisors 8

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, Nordic, Asia/Pacific, Australia/New Zealand

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

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.8/yr) # 9 3 3 3 - - 18
vol $842M $17.6B $18.4B
Sell (0.6/yr) # - - 1 2 - - 3
vol $1.7B $1.7B
  21

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 Sale
Rotterdam, Netherlands · www.refresco.com
Pilot Freight Services, Inc. 2022-02-09 1.7B USD Trade Sale
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 Sale
Montgomery, Pennsylvania · www.springswindowfashions.com
PS HoldCo. LLC 2021-06-25 - Secondary Buyout
Birmingham, Alabama · www.pslogistics.com
Pete and Gerry’s Organics LLC 2021-05-04 - Buyout (LBO, MBO, MBI)
Monroe, New Hampshire · www.peteandgerrys.com
Compre Group 2020-11-30 - Secondary Buyout
Hamilton, Bermuda · www.compre-group.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hayfin Capital Management LLP 2017-01-31 Autovista Group 2023-09-12 2
London, United Kingdom · www.hayfin.com London, United Kingdom · www.autovistagroup.com
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 QWS Holding LLC 2021-07-13 18
Berkshire, United Kingdom · www.waterlogic.com Guaynabo, Puerto Rico · www.qualitywaterpr.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
Transportation 1 (7%) - 2 (11%) -
Utilities 2 (13%) - 2 (11%) -
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%) -
Total 15 $18.4B 18 $18.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (33%) - 7 (39%) -
  Pennsylvania - - 2 (11%) -
  New Hampshire 1 (7%) - 1 (6%) -
  Michigan 1 (7%) - 1 (6%) -
  Maryland 1 (7%) - 1 (6%) -
  California 1 (7%) - 1 (6%) -
  Alabama 1 (7%) - 1 (6%) -
United Kingdom 5 (33%) 14.8B (80%) 5 (28%) 14.8B (80%)
Canada 3 (20%) 840M (5%) 3 (17%) 840M (5%)
  British Columbia 2 (13%) - 2 (11%) -
  Alberta 1 (7%) 840M (5%) 1 (6%) 840M (5%)
France 1 (7%) 2.8B (15%) 1 (6%) 2.8B (15%)
Bermuda 1 (7%) - 1 (6%) -
Netherlands - - 1 (6%) 2M (< 1%)
Total 15 $18.4B 18 $18.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (53%) 2.8B (15%) 9 (50%) 2.8B (15%)
Growth Capital 3 (20%) - 4 (22%) -
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 15 $18.4B 18 $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
KAL Capital Markets LLC
 1
Macquarie Capital
 1
Legal Deals
Weil Gotshal & Manges LLP
 2
Allen & Overy
 1
Fried Frank Harris Shriver & Jacobson LLP
 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)
44%
8 (44%)
Strategic(s)
6%
1 (6%)
Exited to
Investor(s)
67%
2 (67%)
Strategic(s)
33%
1 (33%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

PE Assets

21.9B CAD

Established

1999

Specialist/Generalist

Generalist

Leadership

Gordon Fyfe

CEO & CIO

Shauna Lukaitis

COO

Lincoln Webb

Executive Vice President & Global Head, Infrastructure & Renewable Resources

Jim Pittman

Executive Vice President & Global Head, Private Equity

Daniel Garant

Executive Vice President & Global Head, Public Markets

FAQ

When was British Columbia Investment Management Corp. (BCI) founded?

British Columbia Investment Management Corp. (BCI) was founded in 1999.

What type of investor is British Columbia Investment Management Corp. (BCI)?

British Columbia Investment Management Corp. (BCI) is an asset manager.

Where is British Columbia Investment Management Corp. (BCI) headquartered?

British Columbia Investment Management Corp. (BCI) is headquartered in Victoria, British Columbia.

How much capital does British Columbia Investment Management Corp. (BCI) have under management?

British Columbia Investment Management Corp. (BCI) has 21.9B CAD under management.

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