M&A Deal Summary

Ontario Teachers Pension Plan and IFM Investors Private Equity Acquire Enwave Energy

On February 2, 2021, pension Ontario Teachers Pension Plan and private equity firm IFM Investors Private Equity acquired energy services and equipment company Enwave Energy from Brookfield Private Equity for 3.2B USD

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 5th and IFM Investors Private Equity’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Ontario Teachers Pension Plan’s 5th and IFM Investors Private Equity’s 3rd largest (disclosed) transaction.
  • This is Ontario Teachers Pension Plan’s 23rd and IFM Investors Private Equity’s 2nd transaction in Canada.
  • This is Ontario Teachers Pension Plan’s 12th and IFM Investors Private Equity’s 1st transaction in Ontario.

M&A Deal Summary

Date 2021-02-02
Target Enwave Energy
Sector Energy Services and Equipment
Buyer(s) Ontario Teachers Pension Plan
IFM Investors Private Equity
Sellers(s) Brookfield Private Equity
Deal Type Secondary Buyout
Deal Value 3.2B USD

Target

Enwave Energy

Toronto, Ontario, Canada
website
Enwave Energy is a fully-integrated, sustainable energy services provider that distributes steam and chilled water to over 140 buildings via a 40 km underground pipe network in downtown Toronto. Enwave Energy was founded in 1982 and is based in Toronto, Ontario.

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Buyer(S) 2

Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 148 of 174
Sector (Energy Services and Equipment) 5 of 5
Type (Secondary Buyout) 44 of 56
State (Ontario) 12 of 15
Country (Canada) 23 of 26
Year (2021) 2 of 19
Size (of disclosed) 5 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 TricorBraun

St. Louis, Missouri, United States

TricorBraun is a distributor of rigid packaging solutions including containers, closures and related components. TricorBraun was established in 1902 and is headquartered in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-26 Logoplaste

Cascais, Portugal

Logoplaste is an industrial group, manufacturing rigid plastic packaging for many well-known global companies, in particular across the food and beverage, personal care, cosmetics, household care, and oil and lubricant sectors. Logoplaste has pioneered in-house manufacturing with the "through the wall" concept, supplying plastic packages "just-in-time" from plants installed directly on the sites of partner clients. Logoplaste was founded in 1976 and is based in Cascais, Portugal.

Buy -
DESCRIPTION

IFM Investors Private Equity is the private equity arm of global investment manager IFM Investors. IFM Investors Private Equity looks to acquire and invest in mid-sized Australian and New Zealand companies focused on growth. The Group is sector agnostic with a preference for healthcare, consumer brands, technology/media, and business services companies. IFM Investors Private Equity is based in Melbourne.


DEAL STATS #
Overall 7 of 8
Sector (Energy Services and Equipment) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Ontario) 1 of 1
Country (Canada) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 My Plan Manager

Adelaide, Australia

My Plan Manager is a provider of plan management services to clients in the National Disability Insurance Scheme. My Plan Manager was founded in 2015 and is based in Adelaide, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-31 GreenGasUSA

North Charleston, South Carolina, United States

GreenGasUSA is a renewable natural gas (“RNG”) developer, owner, and operator that utilizes mature technologies to capture, purify and transport biogas from existing organic waste streams for its end use as pipeline quality RNG. The company sells the RNG and associated environmental attributes under long-term offtake contracts with investment-grade commercial & industrial customers, such as Mercedes-Benz, Berkshire Hathaway Energy, and Duke University. Its wastewater and engineering experts design and permit comprehensive biogas solutions including, biogas capture, anaerobic digestion, gas flaring, compression, transportation, and pipeline injection. GreenGasUSA is based in North Charleston, South Carolina.

Buy -

Seller(S) 1

DESCRIPTION

Brookfield Private Equity is the private equity arm of global asset management firm, Brookfield Asset Management. Brookfield Private Equity looks to acquire and invest in a variety of North American and European companies with broad sector interest in business services, industrials, and residential real estate. In addition to acquiring companies, Brookfield looks to invest in businesses through the public debt and equity markets, or by providing financing. Brookfield Private Equity is based in Toronto.


DEAL STATS #
Overall 6 of 7
Sector (Energy Services and Equipment) 1 of 2
Type (Secondary Buyout) 2 of 2
State (Ontario) 2 of 2
Country (Canada) 3 of 3
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 Everise

Plantation, Florida, United States

Everise provides customer service for healthcare, transport, logistics, insurance, financial services, and tech businesses. The Company solves problems for the millions of customers of some of the world’s leading brands, by combining the best technology with compassionate service. Everise was founded in 2016 and is headquartered in Plantation, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-01 Cupa Group

Ourense, Spain

CUPA Group is a global producer of roofing slates. The company also owns the second-largest distributor of roofing materials in the UK and is present in the distribution of natural stone products in France and Spain. Cupa Group was founded in 1892 and is based in Ourense, Spain.

Buy -