Canada Pension Plan Investment Board Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Canada Pension Plan Investment Board has acquired 7 companies. It has also invested in 4 others.

Canada Pension Plan Investment Board’s most common sectors for investment areeducation (7%) and real estate (7%) . The Firm’s most common investment types include secondary buyout (21%) and going private (19%). In total, Canada Pension Plan Investment Board has invested in 14 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Refinitiv for $20.0B.

In the last 3 years, Canada Pension Plan Investment Board has exited 4 companies. The Firm’s most common exit type is trade sale (55%). Canada Pension Plan Investment Board’s largest (disclosed) exit occurred in 2019 when it sold Refinitiv for $27.0B.

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M&A Summary

  • M&A Total Activity54
    • M&A Buy Activity43
    • M&A Sell Activity11
  • Total Sectors Invested 25
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 33

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


Investment Criteria

Sectors of Interest: Business Services, Manufacturing

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 25 1,000
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (3.2/yr) # 27 5 3 5 2 1 43
vol $70.6B $9.5B $14.0B $12.5B $106.6B
Sell (1.6/yr) # 3 4 1 3 - - 11
vol $7.0B $34.7B $7.3B $49.0B
  54

Most Recent M&A

Company Date Value Type
Qualtrics International, Inc. 2023-03-12 12.5B USD Going Private
Provo, Utah · www.qualtrics.com
D1 S.A.S. 2022-07-07 - Stake Purchase
Bogotá, Colombia · www.d1.com.co
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 Add-on Acquisition
London, United Kingdom · www.inmarsat.com
Ports America, Inc. 2021-09-29 - Buyout (LBO, MBO, MBI)
Jersey City, New Jersey · www.portsamerica.com
Sportradar AG 2021-09-14 - IPO
St. Gallen, Switzerland · www.sportradar.com
CeramTec Group 2021-08-17 - Secondary Buyout
Plochingen, Germany · www.ceramtec-group.com
VoltaGrid 2021-02-02 - Growth Capital
, United States · www.voltagrid.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Berlin Packaging LLC 2021-11-18 Bark Packaging Group 2022-10-04 12
Chicago, Illinois · www.berlinpackaging.com Eerbeek, Netherlands · www.barkpackaginggroup.com
Berlin Packaging LLC 2021-11-18 Jansy Packaging LLC 2022-07-21 11
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
Hotelbeds Group S.L.U. 2016-04-28 GTA Travel 2017-04-21 1
Palma de Mallorca, Spain · www.hotelbeds.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
Information Technology 2 (6%) 19.3B (33%) 3 (7%) 19.3B (18%)
Retail 1 (3%) - 3 (7%) 10.6B (10%)
Renewable Energy 3 (9%) 6.8B (12%) 3 (7%) 6.8B (6%)
Utilities 3 (9%) 5.6B (10%) 3 (7%) 5.6B (5%)
Education 3 (9%) 4.3B (7%) 3 (7%) 4.3B (4%)
Real Estate 2 (6%) 1.7B (3%) 3 (7%) 1.7B (2%)
Information Services - - 2 (5%) 22.4B (21%)
Manufacturing 1 (3%) - 2 (5%) 5.0B (5%)
Communications 1 (3%) - 2 (5%) 3.4B (3%)
Insurance 2 (6%) 2.9B (5%) 2 (5%) 2.9B (3%)
Infrastructure 2 (6%) - 2 (5%) -
Marine 2 (6%) - 2 (5%) -
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%) -
Business Services 1 (3%) - 1 (2%) -
Financial Services 1 (3%) - 1 (2%) -
Food 1 (3%) - 1 (2%) -
Life Science 1 (3%) - 1 (2%) -
Packaging 1 (3%) - 1 (2%) -
Transportation 1 (3%) - 1 (2%) -
Total 33 $57.8B 43 $106.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 17 (52%) 48.1B (83%) 24 (56%) 91.1B (85%)
  California 5 (15%) 25.4B (44%) 6 (14%) 30.0B (28%)
  Texas 2 (6%) 6.8B (12%) 5 (12%) 20.2B (19%)
  Colorado 1 (3%) 900M (2%) 2 (5%) 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%)
China 2 (6%) 4.3B (7%) 2 (5%) 4.3B (4%)
Spain 2 (6%) 1.3B (2%) 2 (5%) 1.3B (1%)
France 2 (6%) - 2 (5%) -
India 2 (6%) - 2 (5%) -
Mexico 2 (6%) - 2 (5%) -
Switzerland 1 (3%) 2.5B (4%) 2 (5%) 4.9B (5%)
Canada 1 (3%) - 1 (2%) -
  British Columbia 1 (3%) - 1 (2%) -
Germany 1 (3%) - 1 (2%) -
Colombia 1 (3%) - 1 (2%) -
Total 33 $57.8B 43 $106.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 6 (18%) 1.8B (3%) 9 (21%) 14.8B (14%)
Going Private 5 (15%) 41.7B (72%) 8 (19%) 56.4B (53%)
Divestiture 5 (15%) 6.5B (11%) 7 (16%) 26.5B (25%)
Stake Purchase 6 (18%) - 7 (16%) -
Buyout (LBO, MBO, MBI) 4 (12%) 7.3B (13%) 5 (12%) 7.3B (7%)
Growth Capital 3 (9%) - 3 (7%) -
Joint Venture 1 (3%) 473M (1%) 1 (2%) 473M (< 1%)
PIPE 1 (3%) - 1 (2%) -
Recapitalization 1 (3%) - 1 (2%) -
Venture 1 (3%) - 1 (2%) -
Total 33 $57.8B 43 $105.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 5 (45%) 43.6B (89%)
IPO 2 (18%) -
Secondary Sale 1 (9%) 5.4B (11%)
Bankruptcy 1 (9%) -
Stake Sale 1 (9%) -
Trade Sale 1 (9%) -
Total 11 $49.0B

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 5 $48.0B
$100M to $1B 1 $988M
TOTAL $49.0B
Largest Refinitiv
$27.0B (2019-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
28%
12 (28%)
Strategic(s)
19%
8 (19%)
Exited to
Investor(s)
9%
1 (9%)
Strategic(s)
55%
6 (55%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

Established

1997

Specialist/Generalist

Generalist

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