Ontario Teachers ​ Pension Plan Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ontario Teachers ​ Pension Plan has acquired 8 companies. It has also invested in 4 others.

Ontario Teachers ​ Pension Plan’s most common sectors for investment are consumer products (9%) and information technology (9%). The Firm’s most common investment types include secondary buyout (37%) and buyout (lbo, mbo, mbi) (28%). In total, Ontario Teachers ​ Pension Plan has invested in 16 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Techem for $5.2B.

In the last 3 years, Ontario Teachers ​ Pension Plan has exited 13 companies. The Firm’s most common exit type is trade sale (47%). Ontario Teachers ​ Pension Plan’s largest (disclosed) exit occurred in 2014 when it sold Grupo Corporativo ONO S.A. for $8.1B.

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M&A Summary

  • M&A Total Activity124
    • M&A Buy Activity85
    • M&A Sell Activity39
  • Total Sectors Invested 37
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 78
  • M&A Advisors 24

Ontario Teachers'​ Pension Plan

5650 Yonge Street,
Toronto, Ontario M2M 4H5
Canada
(416) 228-5900
www.otpp.com/investments/asset-groups/private-capital
teachersprivatecapital@otpp.com

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Education, Energy Services and Equipment, Financial Services, Food, Furniture, Information Technology, Insurance, Leisure, Machinery, Manufacturing, Media, Publishing, Retail, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 3,000
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.0/yr) # 70 3 4 2 4 2 85
vol $25.3B $5.2B $3.4B $2.1B $36.0B
Sell (3.2/yr) # 23 3 3 3 5 2 39
vol $20.5B $894M $985M $3.6B $26.0B
  124

Most Recent M&A

Company Date Value Type
Healthscope Ltd. - New Zealand Pathology Business and Asia Pacific Healthcare Group 2020-08-04 - Divestiture
, New Zealand
24 Hour Fitness 2020-06-15 - Bankruptcy
San Ramon, California · www.24hourfitness.com
GFL Environmental Corp. 2020-02-25 - IPO
Vaughan, Ontario · www.gflenv.com
RSA Security LLC 2020-02-18 2.1B USD Divestiture
Bedford, Massachusetts · www.rsa.com
Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. 2019-11-21 - Stake Purchase
Mexico City, Mexico · www.ideal.com.mx
Dream Cruises 2019-08-06 - Stake Purchase
Kowloon, Hong Kong · www.dreamcruiseline.com
Infiltrator Water Technologies LLC 2019-08-01 1.1B USD Add-on Acquisition
Old Saybrook, Connecticut · www.infiltratorsystems.com
Trivium Packaging 2019-07-15 2.5B USD Add-on Acquisition
, Netherlands · www.exal.com
Lendmark Financial Services LLC 2019-06-27 - Secondary Buyout
Lawrenceville, Georgia · www.lendmarkfinancial.com
BluEarth Renewables, Inc. 2019-05-16 - Secondary Buyout
Calgary, Alberta · www.bluearthrenewables.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Dematic Corp. 2012-11-13 Digital Applications International Ltd. 2020-03-03 5
Grand Rapids, Michigan · www.dematic.com London, United Kingdom · www.dai.co.uk
Burton's Foods Ltd. 2013-11-18 Dorset Village Bakery Ltd. 2019-02-07 1
Hertfordshire, United Kingdom · www.burtonsfoods.com Stalbridge, United Kingdom · www.thomasjfudges.co.uk
Busy Bees Nursery Group 2013-10-31 BrightPath Early Learning, Inc. 2017-05-23 2
Staffordshire, United Kingdom · www.busybeeschildcare.co.uk Calgary, Alberta · www.brightpathkids.com
Riverbed Technology, Inc. 2015-04-24 Xirrus, Inc. 2017-04-19 3
San Francisco, California · www.riverbed.com Thousand Oaks, California · www.xirrus.com
Busy Bees Nursery Group 2013-10-31 Treetops Nurseries Ltd. 2017-04-07 1
Staffordshire, United Kingdom · www.busybeeschildcare.co.uk England, United Kingdom · www.treetopsnurseries.co.uk
Hawkwood Energy LLC 2012-08-14 Halcón Resources Corp. - East Texas Assets 2017-01-25 1
Denver, Colorado · www.hawkwoodenergy.com , Texas
Burton's Foods Ltd. 2013-11-18 Burton's Foods Ltd. - Cadbury Biscuits License 2016-08-12 1
Hertfordshire, United Kingdom · www.burtonsfoods.com Hertfordshire, United Kingdom
Lowell Group Ltd. 2014-08-11 Tesch Inkasso GmbH 2016-08-12 1
Leeds, West Yorkshire, United Kingdom · www.lowellgroup.co.uk Wiehl, Germany · www.tesch-gruppe.com
Riverbed Technology, Inc. 2015-04-24 Aternity, Inc. 2016-07-28 2
San Francisco, California · www.riverbed.com Westborough, Massachusetts · www.aternity.com
Dematic Corp. 2012-11-13 NDC Automation Pty. Ltd. 2016-03-21 4
Grand Rapids, Michigan · www.dematic.com Frenchs Forest, Australia · www.ndcautomation.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 4 (9%) 2.1B (11%) 7 (8%) 4.2B (12%)
Consumer Products 2 (5%) 760M (4%) 7 (8%) 1.6B (4%)
Healthcare Services 3 (7%) - 5 (6%) -
Business Services 2 (5%) 5.2B (27%) 4 (5%) 5.2B (15%)
Insurance 1 (2%) - 4 (5%) 1.2B (3%)
Financial Services 3 (7%) - 4 (5%) 318M (1%)
Consumer Services 2 (5%) - 4 (5%) -
Food 3 (7%) 500M (3%) 3 (3%) 500M (1%)
Machinery 1 (2%) - 3 (3%) 450M (1%)
Leisure 1 (2%) - 3 (3%) -
Manufacturing 2 (5%) - 3 (3%) -
Communications 1 (2%) 3.4B (18%) 2 (2%) 5.9B (17%)
Retail 1 (2%) 1.7B (9%) 2 (2%) 4.3B (12%)
Software 1 (2%) 3.5B (18%) 2 (2%) 4.1B (11%)
Publishing - - 2 (2%) 2.2B (6%)
Utilities 1 (2%) - 2 (2%) 1.8B (5%)
Internet Software and Services 1 (2%) - 2 (2%) 717M (2%)
Energy Services and Equipment 1 (2%) 330M (2%) 2 (2%) 330M (1%)
Oil/Gas Exploration 1 (2%) 300M (2%) 2 (2%) 300M (1%)
Aerospace 2 (5%) - 2 (2%) -
Apparel/Textiles 1 (2%) - 2 (2%) -
Plastics 2 (5%) - 2 (2%) -
Renewable Energy 1 (2%) - 2 (2%) -
Transportation 1 (2%) - 2 (2%) -
Real Estate 1 (2%) 865M (5%) 1 (1%) 865M (2%)
Life Science - - 1 (1%) 600M (2%)
Metals/Mining 1 (2%) 588M (3%) 1 (1%) 588M (2%)
Chemicals - - 1 (1%) 342M (1%)
Education - - 1 (1%) 239M (1%)
Airlines 1 (2%) - 1 (1%) -
Building Materials 1 (2%) - 1 (1%) -
Environmental - - 1 (1%) -
Infrastructure 1 (2%) - 1 (1%) -
Media - - 1 (1%) -
Packaging - - 1 (1%) -
Restaurants - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 43 $19.2B 86 $35.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 21 (49%) 8.8B (46%) 43 (50%) 15.4B (43%)
  California 4 (9%) 3.5B (18%) 9 (10%) 5.5B (15%)
  Pennsylvania 3 (7%) 1.7B (9%) 5 (6%) 1.7B (5%)
  Illinois 1 (2%) - 5 (6%) 868M (2%)
  Ohio 3 (7%) 500M (3%) 4 (5%) 500M (1%)
  Georgia 2 (5%) 760M (4%) 4 (5%) 760M (2%)
  Texas 2 (5%) - 2 (2%) -
  Massachusetts 1 (2%) 2.1B (11%) 2 (2%) 3.8B (11%)
  Tennessee 1 (2%) - 2 (2%) 840M (2%)
  Connecticut - - 2 (2%) -
  Colorado 1 (2%) 300M (2%) 1 (1%) 300M (1%)
  Michigan 1 (2%) - 1 (1%) -
  Florida 1 (2%) - 1 (1%) -
  North Carolina - - 1 (1%) 600M (2%)
  Wisconsin - - 1 (1%) 450M (1%)
  New Jersey - - 1 (1%) -
  Alabama - - 1 (1%) -
Canada 3 (7%) 330M (2%) 14 (16%) 4.0B (11%)
  Ontario 1 (2%) - 7 (8%) 3.4B (9%)
  Alberta 1 (2%) 330M (2%) 4 (5%) 630M (2%)
  Prince Edward Island 1 (2%) - 1 (1%) -
  Quebec - - 1 (1%) -
  British Columbia - - 1 (1%) -
United Kingdom 10 (23%) 4.9B (25%) 11 (13%) 5.1B (14%)
Germany 2 (5%) 5.2B (27%) 4 (5%) 5.5B (15%)
New Zealand 1 (2%) - 2 (2%) 2.2B (6%)
France 1 (2%) - 1 (1%) -
Italy 1 (2%) - 1 (1%) -
Chile 1 (2%) - 1 (1%) -
Hong Kong 1 (2%) - 1 (1%) -
Mexico 1 (2%) - 1 (1%) -
Singapore 1 (2%) - 1 (1%) -
Spain - - 1 (1%) 2.5B (7%)
South Africa - - 1 (1%) 1.2B (3%)
Denmark - - 1 (1%) -
Luxembourg - - 1 (1%) -
Netherlands - - 1 (1%) -
Norway - - 1 (1%) -
Domestic 3 (7%) 330M (2%) 14 (16%) 4.0B (11%)
Cross-border 40 (93%) 18.9B (98%) 72 (84%) 32.0B (89%)
Total 43 $19.2B 86 $36.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 15 (35%) 5.7B (30%) 31 (36%) 9.2B (26%)
Buyout (LBO, MBO, MBI) 8 (19%) 630M (3%) 24 (28%) 3.5B (10%)
Divestiture 6 (14%) 3.5B (18%) 10 (12%) 7.9B (22%)
Stake Purchase 5 (12%) 1.7B (9%) 6 (7%) 4.3B (12%)
Going Private 2 (5%) 6.9B (36%) 5 (6%) 10.1B (28%)
Growth Capital 2 (5%) - 3 (3%) -
Recapitalization - - 2 (2%) -
Venture 2 (5%) - 2 (2%) -
Special Situations/Distressed 1 (2%) 760M (4%) 1 (1%) 760M (2%)
Add-on Acquisition 1 (2%) - 1 (1%) -
Consolidation 1 (2%) - 1 (1%) -
Total 43 $19.2B 86 $35.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (33%) 6.1B (24%)
Trade Sale - Public Company 11 (28%) 15.6B (60%)
Trade Sale 7 (18%) 4.3B (17%)
IPO 4 (10%) -
Bankruptcy 1 (3%) -
Merger 1 (3%) -
Sold to Management 1 (3%) -
Stake Sale 1 (3%) -
Total 39 $26.0B

Top M&A Advisors

Financial Deals
Evercore Group LLC
2
Barclays Investment Bank
1
Ashcombe Advisers LLP
1
Legal Deals
Torys LLP
3
Kirkland & Ellis LLP
2
Sullivan & Cromwell LLP
2

Deal Values

buy # Total
> $1B 11 $27.4B
$100M to $1B 16 $8.5B
TOTAL $36.0B
Largest Techem GmbH
$5.2B (2018-05-25)
sell # Total
> $1B 9 $20.9B
$100M to $1B 9 $5.1B
TOTAL $26.0B
Largest Grupo Corporativo ONO S.A.
$8.1B (2014-03-17)

M&A Connections

Deals %
Acquired from
PE Firm(s)
82%
51 82%
Strategic(s)
18%
11 18%
Exited to
PE Firm(s)
41%
13 41%
Strategic(s)
59%
19 59%

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