CPP Investments Mergers and Acquisitions Summary

Pension Profile

In the last 3 years, CPP Investments has acquired 12 companies. It has also invested in 4 others.

CPP Investments’ most common sectors for investment areinformation technology (8%) and education (8%) . The Firm’s most common investment types include secondary buyout (22%) and going private (20%). In total, CPP Investments has invested in 14 US states and 15 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 7 companies. The Firm’s most common exit type is trade sale (47%). 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 Activity65
- M&A Buy Activity50
- M&A Sell Activity15
Total Sectors Invested 26
Total Countries Invested 15
M&A Buy/Sell Connections 42

CPP Investments

Canada Pension Plan Investment Board (CPP Investments)

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

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

150

Enterprise Value

values in millions of CAD

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (3.6/yr)	#	32	3	6	4	2	3	50
vol	$80.1B		$14.0B		$12.5B	$26.5B	$133.1B
Sell (1.6/yr)	#	7	1	3	1	-	3	15
vol	$41.7B		$7.3B			$19.2B	$68.2B
	65

Year

≤ '19

'20

'21

'22

'23

'24

Buy (3.6/yr)

vol

$80.1B

$14.0B

$12.5B

$26.5B

$133.1B

Sell (1.6/yr)

vol

$41.7B

$7.3B

$19.2B

$68.2B

Company	Date	Value	Type
Nord Anglia Education, Inc.	2024-10-21	14.5B USD	Secondary Sale
London, United Kingdom · www.nordangliaeducation.com
AirTrunk Operating Pty Ltd.	2024-09-04	17.1B AUD	Secondary Buyout
North Sydney, Australia · www.airtrunk.com
Keywords Studios plc	2024-07-03	3.2B GBP	Going Private
Dublin, Ireland · www.keywordsstudios.com
Allete, Inc.	2024-05-06	6.2B USD	Going Private
Duluth, Minnesota · www.allete.com
Viking River Cruises, Inc.	2024-05-01	-	IPO
Woodland Hills, California · www.vikingcruises.com
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
View All >>

Company

Date

Value

Type

Nord Anglia Education, Inc.

2024-10-21

14.5B USD

Secondary Sale

London, United Kingdom · www.nordangliaeducation.com

AirTrunk Operating Pty Ltd.

2024-09-04

17.1B AUD

Secondary Buyout

North Sydney, Australia · www.airtrunk.com

Keywords Studios plc

2024-07-03

3.2B GBP

Going Private

Dublin, Ireland · www.keywordsstudios.com

Allete, Inc.

2024-05-06

6.2B USD

Going Private

Duluth, Minnesota · www.allete.com

Viking River Cruises, Inc.

2024-05-01

IPO

Woodland Hills, California · www.vikingcruises.com

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

View All >>

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	16
Chicago, Illinois · www.berlinpackaging.com	Eerbeek, Netherlands · www.barkpackaginggroup.com
Berlin Packaging LLC	2021-11-18	Jansy Packaging LLC	2022-07-21	15
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
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

Company

Acquired

Add-On/Sale

Date

Wilton Re Holdings Ltd.

2014-03-21

ivari

2023-08-25

Norwalk, Connecticut · www.wiltonre.com

Toronto, Ontario · www.ivari.ca

Berlin Packaging LLC

2021-11-18

Bark Packaging Group

2022-10-04

Chicago, Illinois · www.berlinpackaging.com

Eerbeek, Netherlands · www.barkpackaginggroup.com

Berlin Packaging LLC

2021-11-18

Jansy Packaging LLC

2022-07-21

Chicago, Illinois · www.berlinpackaging.com

Fort Lee, New Jersey · www.jansypkg.com

Galileo Global Education

2020-03-06

AKAD Bildungsgesellschaft mbH

2022-03-01

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

Norwalk, Connecticut · www.wiltonre.com

Northbrook, Illinois

Calpine Corp.

2017-08-18

Calpine Corp. - Two Contracted Power Plants

2019-04-11

Houston, Texas · www.calpine.com

Houston, Texas

HBX Group

2016-04-28

GTA Travel

2017-04-21

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

Norwalk, Connecticut · www.wiltonre.com

Chicago, Illinois

Sector	Current #	Value	All-time #	Value
Information Technology	3 (8%)	36.4B (39%)	4 (8%)	36.4B (25%)
Education	3 (8%)	14.5B (15%)	4 (8%)	18.8B (13%)
Utilities	4 (11%)	11.8B (12%)	4 (8%)	11.8B (8%)
Retail	2 (6%)	-	4 (8%)	10.6B (7%)
Renewable Energy	3 (8%)	6.8B (7%)	3 (6%)	6.8B (5%)
Manufacturing	1 (3%)	-	3 (6%)	6.1B (4%)
Real Estate	2 (6%)	1.7B (2%)	3 (6%)	1.7B (1%)
Information Services	-	-	2 (4%)	22.4B (15%)
Communications	1 (3%)	-	2 (4%)	3.4B (2%)
Digital Media	1 (3%)	3.2B (3%)	2 (4%)	3.2B (2%)
Insurance	2 (6%)	2.9B (3%)	2 (4%)	2.9B (2%)
Energy Services and Equipment	2 (6%)	-	2 (4%)	-
Infrastructure	2 (6%)	-	2 (4%)	-
Marine	1 (3%)	-	2 (4%)	-
Internet Software and Services	1 (3%)	12.5B (13%)	1 (2%)	12.5B (8%)
Medical Products	-	-	1 (2%)	6.3B (4%)
Agriculture	1 (3%)	2.5B (3%)	1 (2%)	2.5B (2%)
Leisure	1 (3%)	1.3B (1%)	1 (2%)	1.3B (1%)
Oil/Gas Exploration	1 (3%)	900M (1%)	1 (2%)	900M (1%)
Apparel/Textiles	1 (3%)	-	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 (2%)	-
Total	36	$94.5B	51	$147.6B

Sector

Current #

Value

All-time #

Value

Information Technology

3 (8%)

36.4B (39%)

4 (8%)

36.4B (25%)

Education

3 (8%)

14.5B (15%)

4 (8%)

18.8B (13%)

Utilities

4 (11%)

11.8B (12%)

4 (8%)

11.8B (8%)

Retail

2 (6%)

4 (8%)

10.6B (7%)

Renewable Energy

3 (8%)

6.8B (7%)

3 (6%)

6.8B (5%)

Manufacturing

1 (3%)

3 (6%)

6.1B (4%)

Real Estate

2 (6%)

1.7B (2%)

3 (6%)

1.7B (1%)

Information Services

2 (4%)

22.4B (15%)

Communications

1 (3%)

2 (4%)

3.4B (2%)

Digital Media

1 (3%)

3.2B (3%)

2 (4%)

3.2B (2%)

Insurance

2 (6%)

2.9B (3%)

2 (4%)

2.9B (2%)

Energy Services and Equipment

2 (6%)

2 (4%)

Infrastructure

2 (6%)

2 (4%)

Marine

1 (3%)

2 (4%)

Internet Software and Services

1 (3%)

12.5B (13%)

1 (2%)

12.5B (8%)

Medical Products

1 (2%)

6.3B (4%)

Agriculture

1 (3%)

2.5B (3%)

1 (2%)

2.5B (2%)

Leisure

1 (3%)

1.3B (1%)

1 (2%)

1.3B (1%)

Oil/Gas Exploration

1 (3%)

900M (1%)

1 (2%)

900M (1%)

Apparel/Textiles

1 (3%)

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 (2%)

Total

$94.5B

$147.6B

State/Country	Current #	Value	All-time #	Value
United States	18 (50%)	54.3B (57%)	26 (51%)	97.3B (66%)
	California	5 (14%)	25.4B (27%)	7 (14%)	30.0B (20%)
	Texas	3 (8%)	6.8B (7%)	6 (12%)	20.2B (14%)
	Colorado	1 (3%)	900M (1%)	2 (4%)	5.9B (4%)
	Utah	1 (3%)	12.5B (13%)	1 (2%)	12.5B (8%)
	Minnesota	1 (3%)	6.2B (7%)	1 (2%)	6.2B (4%)
	Connecticut	1 (3%)	1.8B (2%)	1 (2%)	1.8B (1%)
	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 (14%)
	Virginia	-	-	1 (2%)	-
United Kingdom	3 (8%)	16.1B (17%)	6 (12%)	23.8B (16%)
France	2 (6%)	-	2 (4%)	-
Colombia	2 (6%)	-	2 (4%)	-
Mexico	2 (6%)	-	2 (4%)	-
Switzerland	1 (3%)	2.5B (3%)	2 (4%)	4.9B (3%)
Spain	1 (3%)	1.3B (1%)	2 (4%)	1.3B (1%)
India	1 (3%)	-	2 (4%)	-
Australia	1 (3%)	17.1B (18%)	1 (2%)	17.1B (12%)
Ireland	1 (3%)	3.2B (3%)	1 (2%)	3.2B (2%)
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%)	-
China	-	-	1 (2%)	-
Total	36	$94.5B	51	$147.6B

State/Country

Current #

Value

All-time #

Value

United States

18 (50%)

54.3B (57%)

26 (51%)

97.3B (66%)

California

5 (14%)

25.4B (27%)

7 (14%)

30.0B (20%)

Texas

3 (8%)

6.8B (7%)

6 (12%)

20.2B (14%)

Colorado

1 (3%)

900M (1%)

2 (4%)

5.9B (4%)

Utah

1 (3%)

12.5B (13%)

1 (2%)

12.5B (8%)

Minnesota

1 (3%)

6.2B (7%)

1 (2%)

6.2B (4%)

Connecticut

1 (3%)

1.8B (2%)

1 (2%)

1.8B (1%)

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 (14%)

Virginia

1 (2%)

United Kingdom

3 (8%)

16.1B (17%)

6 (12%)

23.8B (16%)

France

2 (6%)

2 (4%)

Colombia

2 (6%)

2 (4%)

Mexico

2 (6%)

2 (4%)

Switzerland

1 (3%)

2.5B (3%)

2 (4%)

4.9B (3%)

Spain

1 (3%)

1.3B (1%)

2 (4%)

1.3B (1%)

India

1 (3%)

2 (4%)

Australia

1 (3%)

17.1B (18%)

1 (2%)

17.1B (12%)

Ireland

1 (3%)

3.2B (3%)

1 (2%)

3.2B (2%)

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%)

China

1 (2%)

Total

$94.5B

$147.6B

Type	Current #	Value	All-time #	Value
Secondary Buyout	7 (19%)	33.4B (35%)	11 (22%)	46.4B (32%)
Going Private	6 (17%)	46.8B (50%)	10 (20%)	65.8B (45%)
Stake Purchase	8 (22%)	-	9 (18%)	-
Divestiture	6 (17%)	6.5B (7%)	8 (16%)	26.5B (18%)
Buyout (LBO, MBO, MBI)	4 (11%)	7.3B (8%)	6 (12%)	7.3B (5%)
Growth Capital	2 (6%)	-	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	36	$94.5B	51	$146.5B

Type

Current #

Value

All-time #

Value

Secondary Buyout

7 (19%)

33.4B (35%)

11 (22%)

46.4B (32%)

Going Private

6 (17%)

46.8B (50%)

10 (20%)

65.8B (45%)

Stake Purchase

8 (22%)

9 (18%)

Divestiture

6 (17%)

6.5B (7%)

8 (16%)

26.5B (18%)

Buyout (LBO, MBO, MBI)

4 (11%)

7.3B (8%)

6 (12%)

7.3B (5%)

Growth Capital

2 (6%)

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

$94.5B

$146.5B

Type	Total #	Value
Trade Sale - Public Company	6 (40%)	48.3B (71%)
IPO	4 (27%)	-
Secondary Sale	2 (13%)	19.9B (29%)
Bankruptcy	1 (7%)	-
Stake Sale	1 (7%)	-
Trade Sale	1 (7%)	-
Total	15	$68.2B

Type

Total #

Value

Trade Sale - Public Company

6 (40%)

48.3B (71%)

IPO

4 (27%)

Secondary Sale

2 (13%)

19.9B (29%)

Bankruptcy

1 (7%)

Stake Sale

1 (7%)

Trade Sale

1 (7%)

Total

$68.2B

buy	#	Total
> $1B	23	$145.5B
$100M to $1B	3	$2.1B
TOTAL	$147.6B
Largest	Refinitiv $20.0B (2018-01-30)

buy

Total

> $1B

$145.5B

$100M to $1B

$2.1B

TOTAL

$147.6B

Largest

Refinitiv
$20.0B (2018-01-30)

sell	#	Total
> $1B	7	$67.3B
$100M to $1B	1	$988M
TOTAL	$68.2B
Largest	Refinitiv $27.0B (2019-08-01)

sell

Total

> $1B

$67.3B

$100M to $1B

$988M

TOTAL

$68.2B

Largest

Refinitiv
$27.0B (2019-08-01)

		Deals
Acquired from
Investor(s)	29%	15 (29%)
Strategic(s)	18%	9 (18%)
Exited to
Investor(s)	13%	2 (13%)
Strategic(s)	47%	7 (47%)

Deals

Acquired from

Investor(s)

15 (29%)

Strategic(s)

9 (18%)

Exited to

Investor(s)

2 (13%)

Strategic(s)

7 (47%)

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.

CPP Investments Mergers and Acquisitions Summary

Pension Profile

M&A Summary

CPP Investments

Canada Pension Plan Investment Board (CPP Investments)

Investment Criteria

M&A Summary

Buy vs Sell

Most Recent M&A

Portfolio M&A

M&A by Sector

Acquisitions By Geo

Acquisitions by Deal Type

Exits by Deal Type

Deal Values

M&A Connections

Investor Summary

Investor Type

Size

Established

Specialist/Generalist

Leadership

John Graham

Kristina Fanjoy

Geoffrey Rubin

Kristen Walters

Mary Sullivan

FAQ

When was CPP Investments founded?

What type of investor is CPP Investments?

Where is CPP Investments headquartered?

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