PSP Investments Mergers and Acquisitions Summary

Pension Profile

In the last 3 years, PSP Investments has acquired 5 companies. It has also invested in 1 other.

PSP Investments’ most common sectors for investment arerenewable energy (14%) and healthcare services (11%) . The Firm’s most common investment types include secondary buyout (32%) and buyout (lbo, mbo, mbi) (18%). In total, PSP Investments has invested in 8 US states and 9 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Galderma SA for $10.6B.

In the last 3 years, PSP Investments has exited 6 companies. The Firm’s most common exit type is secondary buyout (38%). PSP Investments’ largest (disclosed) exit occurred in 2024 when it sold AirTrunk Operating Pty for $17.1B.

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M&A Summary

  • M&A Total Activity36
    • M&A Buy Activity28
    • M&A Sell Activity8
  • Total Sectors Invested 19
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 17
  • M&A Advisors 12

PSP Investments

135 Laurier Avenue, West Spaces Laurier,
Ottawa, Ontario K1P 5J2
Canada
(613) 782-3095
www.investpsp.com
info@investpsp.ca

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


Investment Criteria

Sectors of Interest: Energy Services and Equipment, Financial Services, Information Technology, Transportation

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

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

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 (1.0/yr) # 23 - 2 1 2 - 28
vol $30.3B $3.7B $3.8B $37.8B
Sell (1.2/yr) # 2 - 3 1 - 2 8
vol $17.1B $17.1B
  36

Most Recent M&A

Company Date Value Type
AirTrunk Operating Pty Ltd. 2024-09-04 17.1B AUD Secondary Sale
North Sydney, Australia · www.airtrunk.com
Galderma SA 2024-03-22 - IPO
Zug, Switzerland · www.galderma.com
NeXtWind Capital Ltd. 2023-08-09 750M USD Secondary Buyout
London, United Kingdom · www.nextwind.de
Radius Global Infrastructure, Inc. 2023-03-01 3.0B USD Going Private
Bala Cynwyd, Pennsylvania · www.radiusglobal.com
CrossCountry Consulting LLC 2022-12-06 - Buyout (LBO, MBO, MBI)
McLean, Virginia · www.crosscountry-consulting.com
United Talent Agency, Inc. 2022-07-18 - Secondary Sale
Beverly Hills, California · www.unitedtalent.com
Spark Infrastructure Group 2021-12-23 3.7B AUD Going Private
Barangaroo, Australia · www.sparkinfrastructure.com
Telesat Corp. 2021-11-19 - IPO
Ottawa, Ontario · www.telesat.com
Angel Trains Ltd. 2021-09-03 - Stake Purchase
London, United Kingdom · www.angeltrains.co.uk
Cerba HealthCare SAS 2021-03-30 - Secondary Sale
Issy-les-Moulineaux, France · www.cerbahealthcare.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Cerba HealthCare SAS 2021-03-30 Cerba Vet 2024-05-03 1
Issy-les-Moulineaux, France · www.cerbahealthcare.com Massy, France · www.cerbavet.com
Alliant Insurance Services, Inc. 2015-06-23 PBC Insurance - Employee Benefits Division 2024-01-03 51
Irvine, California · www.alliant.com Eugene, Oregon
Alliant Insurance Services, Inc. 2015-06-23 Windmark Insurance Agency, Inc. 2023-04-04 50
Irvine, California · www.alliant.com Lubbock, Texas · www.windmarkcrop.com
Alliant Insurance Services, Inc. 2015-06-23 Trivedi Capacity Associates LLC 2022-11-02 49
Irvine, California · www.alliant.com Mahwah, New Jersey
Cerba HealthCare SAS 2021-03-30 ViroClinics Biosciences B.V. 2021-12-16 2
Issy-les-Moulineaux, France · www.cerbahealthcare.com Rotterdam, Netherlands · www.viroclinics.com
Keter Plastic Ltd. 2016-07-28 Casual Living Products Unlimited LLC 2021-10-25 5
Herzliya, Israel · www.keter.com New Holland, Pennsylvania · www.breezesta.com
Keter Plastic Ltd. 2016-07-28 Trigon Plastics 2021-10-25 4
Herzliya, Israel · www.keter.com Newmanstown, Pennsylvania · www.trigonplastics.com
Cerba HealthCare SAS 2021-03-30 lifebrain AG 2021-07-21 1
Issy-les-Moulineaux, France · www.cerbahealthcare.com Vienna, Austria · www.lifebrain.at
Alliant Insurance Services, Inc. 2015-06-23 Confie Holding II Co. 2021-04-21 48
Irvine, California · www.alliant.com Huntington Beach, California · www.confie.com
Cubico Sustainable Investments Ltd. 2016-07-22 T-Solar Global SA 2020-12-15 2
London, United Kingdom · www.cubicoinvest.com Madrid, Spain · www.tsolar.com

M&A by Sector

Sector Current # Value All-time # Value
Renewable Energy 4 (18%) 2.0B (15%) 4 (14%) 2.0B (5%)
Healthcare Services 1 (5%) - 3 (10%) 10.6B (28%)
Infrastructure 2 (9%) 6.7B (52%) 2 (7%) 6.7B (18%)
Transportation 1 (5%) - 2 (7%) 5.5B (15%)
Agriculture 2 (9%) - 2 (7%) -
Business Services 2 (9%) - 2 (7%) -
Insurance 2 (9%) - 2 (7%) -
Medical Products - - 1 (3%) 6.3B (17%)
Financial Services 1 (5%) 2.5B (19%) 1 (3%) 2.5B (7%)
Communications - - 1 (3%) 2.5B (7%)
Utilities 1 (5%) 1.7B (13%) 1 (3%) 1.7B (5%)
Consumer Products 1 (5%) - 1 (3%) -
Distribution 1 (5%) - 1 (3%) -
Education 1 (5%) - 1 (3%) -
Engineering 1 (5%) - 1 (3%) -
Information Technology 1 (5%) - 1 (3%) -
Marine - - 1 (3%) -
Media - - 1 (3%) -
Technology Hardware 1 (5%) - 1 (3%) -
Total 22 $12.9B 29 $37.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (41%) 6.7B (52%) 11 (38%) 13.0B (34%)
  California 2 (9%) - 3 (10%) -
  New York 2 (9%) 2.5B (19%) 2 (7%) 2.5B (7%)
  Pennsylvania 1 (5%) 3.0B (23%) 1 (3%) 3.0B (8%)
  Virginia 1 (5%) - 1 (3%) -
  North Carolina 1 (5%) - 1 (3%) -
  Michigan 1 (5%) - 1 (3%) -
  Texas - - 1 (3%) 6.3B (17%)
United Kingdom 4 (18%) 750M (6%) 5 (17%) 750M (2%)
Australia 3 (14%) 3.7B (29%) 3 (10%) 3.7B (10%)
Canada 2 (9%) 1.7B (13%) 3 (10%) 4.2B (11%)
  Alberta 1 (5%) 1.7B (13%) 1 (3%) 1.7B (5%)
  Quebec 1 (5%) - 1 (3%) -
  Ontario - - 1 (3%) 2.5B (7%)
France 2 (9%) - 3 (10%) -
Austria 1 (5%) - 1 (3%) -
Israel 1 (5%) - 1 (3%) -
Switzerland - - 1 (3%) 10.6B (28%)
Luxembourg - - 1 (3%) 5.5B (15%)
Total 22 $12.9B 29 $37.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (32%) 3.3B (25%) 9 (31%) 3.3B (9%)
Divestiture 2 (9%) 1.2B (9%) 5 (17%) 19.8B (52%)
Going Private 4 (18%) 8.4B (65%) 5 (17%) 14.7B (39%)
Buyout (LBO, MBO, MBI) 5 (23%) - 5 (17%) -
Stake Purchase 3 (14%) - 3 (10%) -
Add-on Acquisition 1 (5%) - 1 (3%) -
Growth Capital - - 1 (3%) -
Total 22 $12.9B 29 $37.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 3 (38%) 17.1B (100%)
IPO 2 (25%) -
Divestiture 1 (13%) -
Stake Sale 1 (13%) -
Trade Sale 1 (13%) -
Total 8 $17.1B

Top M&A Advisors

Financial Deals
Gleacher Shacklock LLP
 1
National Bank Financial
 1
Rothschild Global Advisory
 1
Legal Deals
Weil Gotshal & Manges
 2
Blake, Cassels & Graydon
 1
Freshfields Bruckhaus Deringer
 1

Deal Values

buy # Total
> $1B 9 $37.0B
$100M to $1B 1 $750M
TOTAL $37.8B
Largest Galderma SA
$10.6B (2019-05-16)
sell # Total
> $1B 1 $17.1B
TOTAL $17.1B
Largest AirTrunk Operating Pty Ltd.
$17.1B (2024-09-04)

M&A Connections

Deals
Acquired from
Investor(s)
45%
13 (45%)
Strategic(s)
14%
4 (14%)
Exited to
Investor(s)
38%
3 (38%)
Strategic(s)
25%
2 (25%)

Investor Summary

Investor Type

Pension

Size

Mega

PE Assets

19.4B CAD

Established

1999

Specialist/Generalist

Generalist

Leadership

Deborah Orida

President & CEO

Patrick Charbonneau

Senior Managing Director & Global Head of Infrastructure Investments

Marc Drouin

Senior Managing Director, Real Assets & Global Head of Natural Resources Investments

J.F. Bureau

Senior Vice President & CFO, Risk Officer

Michelle Ostermann

Senior Vice President & Global Head of Capital Markets Investments

FAQ

When was PSP Investments founded?

PSP Investments was founded in 1999.

What type of investor is PSP Investments?

PSP Investments is a pension.

Where is PSP Investments headquartered?

PSP Investments is headquartered in Ottawa, Ontario.

How much capital does PSP Investments have under management?

PSP Investments has 19.4B CAD under management.

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