Ontario Teachers Pension Plan Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ontario Teachers Pension Plan has acquired 15 companies. It has also invested in 2 others.

Ontario Teachers Pension Plan’s most common sectors for investment are consumer products (9%) and healthcare services (8%). The Firm’s most common investment types include secondary buyout (41%) and buyout (lbo, mbo, mbi) (27%). In total, Ontario Teachers Pension Plan has invested in 17 US states and 19 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 (48%). 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 Activity140
    • M&A Buy Activity98
    • M&A Sell Activity42
  • Total Sectors Invested 38
  • Total Countries Invested 19
  • M&A Buy/Sell Connections 81
  • M&A Advisors 27

Ontario Teachers Pension Plan

5650 Yonge Street,
Toronto, Ontario M2M 4H5
Canada
(416) 228-5900
www.otpp.com/investments/asset-groups/equities/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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (4.2/yr) # 77 4 2 4 6 5 98
vol $25.4B $5.2B $3.4B $2.1B $4.7B $40.7B
Sell (3.2/yr) # 26 3 3 5 2 3 42
vol $21.4B $985M $3.6B $960M $26.9B
  140

Most Recent M&A

Company Date Value Type
Burton’s Biscuit Co. 2021-06-01 - Add-on Acquisition
Blackpool, United Kingdom · www.burtonsfoods.com
Mitratech Holdings, Inc. 2021-05-18 1.6B USD Secondary Buyout
Austin, Texas · www.mitratech.com
Evoltz Participações S.A. 2021-05-10 - Secondary Buyout
Rio de Janeiro, Brazil · www.evoltz.com.br
First American Payment Systems L.P. 2021-04-22 960M USD Add-on Acquisition
Fort Worth, Texas · www.first-american.net
Glass, Lewis & Co. 2021-03-16 - Secondary Buyout
San Francisco, California · www.glasslewis.com
Logoplaste 2021-02-26 - Secondary Buyout
Cascais, Portugal · www.logoplaste.com
Enwave Energy Corp. 2021-02-02 3.2B USD Secondary Buyout
Toronto, Ontario · www.enwave.com
TricorBraun, Inc. 2021-01-06 - Secondary Buyout
St. Louis, Missouri · www.tricorbraun.com
Società Gasdotti Italia S.p.A. 2020-12-24 - Secondary Buyout
Frosinone, Italy · www.gasdottitalia.it
Nvision Corp. 2020-11-30 - Buyout (LBO, MBO, MBI)
San Francisco, California · www.nvisioncenters.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Enwave Energy Corp. 2021-02-02 Enwave Energy Corp. - U.S. business 2021-02-02 1
Toronto, Ontario · www.enwave.com , United States
CeramTec Group 2017-10-11 Dentalpoint AG 2021-01-04 1
Plochingen, Germany · www.ceramtec.com Spreitenbach, Switzerland · www.zeramex.com
Cubico Sustainable Investments Ltd. 2016-07-22 T-Solar Global SA 2020-12-15 1
London, United Kingdom · www.cubicoinvest.com Madrid, Spain · www.tsolar.com
Busy Bees Nursery Group 2013-10-31 Treetops Nurseries Ltd. 2017-04-07 2
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
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
European Camping Group 2015-02-09 Greenbank Holidays Ltd. (Eurocamp) 2016-07-05 1
Aix-en-Provence, France · www.europeancampinggroup.com Northwich, United Kingdom · www.eurocamp.co.uk
BroadStreet Partners, Inc. 2012-02-07 Bearence Management Group LLC 2015-06-11 1
Columbus, Ohio · www.broadstreetcorp.com West Des Moines, Iowa · www.bearence.com
DTZ Holdings Plc 2014-06-16 Cushman & Wakefield, Inc. 2015-05-11 2
London, United Kingdom · www.dtz.com New York, New York · www.cushmanwakefield.com
Shearer's Foods, Inc. 2012-11-02 Lance Private Brands - Snyder’s-Lance 2014-05-07 2
Brewster, Ohio · www.shearers.com Burlington, Iowa

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 3 (6%) 760M (3%) 8 (8%) 1.6B (4%)
Information Technology 3 (6%) 2.1B (9%) 7 (7%) 4.2B (10%)
Healthcare Services 5 (9%) - 7 (7%) -
Business Services 2 (4%) 5.2B (22%) 5 (5%) 5.2B (13%)
Financial Services 4 (8%) - 5 (5%) 318M (1%)
Energy Services and Equipment 3 (6%) 3.5B (15%) 4 (4%) 3.5B (9%)
Insurance 1 (2%) - 4 (4%) 1.2B (3%)
Consumer Services 2 (4%) - 4 (4%) -
Leisure 2 (4%) - 4 (4%) -
Software 2 (4%) 5.1B (21%) 3 (3%) 5.6B (14%)
Utilities 2 (4%) - 3 (3%) 1.8B (4%)
Food 2 (4%) 500M (2%) 3 (3%) 500M (1%)
Machinery 1 (2%) - 3 (3%) 450M (1%)
Oil/Gas Exploration 2 (4%) 300M (1%) 3 (3%) 300M (1%)
Communications 1 (2%) 3.4B (14%) 2 (2%) 5.9B (15%)
Retail 1 (2%) 1.7B (7%) 2 (2%) 4.3B (11%)
Publishing - - 2 (2%) 2.2B (6%)
Internet Software and Services 1 (2%) - 2 (2%) 717M (2%)
Aerospace 2 (4%) - 2 (2%) -
Apparel/Textiles 1 (2%) - 2 (2%) -
Infrastructure 2 (4%) - 2 (2%) -
Manufacturing 1 (2%) - 2 (2%) -
Packaging 1 (2%) - 2 (2%) -
Plastics 2 (4%) - 2 (2%) -
Renewable Energy 1 (2%) - 2 (2%) -
Transportation 1 (2%) - 2 (2%) -
Real Estate 1 (2%) 865M (4%) 1 (1%) 865M (2%)
Life Science - - 1 (1%) 600M (1%)
Metals/Mining 1 (2%) 588M (2%) 1 (1%) 588M (1%)
Chemicals - - 1 (1%) 342M (1%)
Education - - 1 (1%) 239M (1%)
Building Materials 1 (2%) - 1 (1%) -
Distribution 1 (2%) - 1 (1%) -
Environmental - - 1 (1%) -
Marine 1 (2%) - 1 (1%) -
Media - - 1 (1%) -
Restaurants - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 53 $23.9B 99 $40.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (49%) 10.4B (43%) 50 (51%) 17.0B (42%)
  California 7 (13%) 3.5B (15%) 13 (13%) 5.6B (14%)
  Pennsylvania 3 (6%) 1.7B (7%) 5 (5%) 1.7B (4%)
  Georgia 3 (6%) 760M (3%) 5 (5%) 760M (2%)
  Illinois 1 (2%) - 5 (5%) 868M (2%)
  Texas 3 (6%) 1.6B (6%) 4 (4%) 1.6B (4%)
  Ohio 3 (6%) 500M (2%) 4 (4%) 500M (1%)
  Massachusetts 1 (2%) 2.1B (9%) 2 (2%) 3.8B (9%)
  Tennessee 1 (2%) - 2 (2%) 840M (2%)
  Connecticut - - 2 (2%) -
  Colorado 1 (2%) 300M (1%) 1 (1%) 300M (1%)
  Missouri 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  Florida 1 (2%) - 1 (1%) -
  North Carolina - - 1 (1%) 600M (1%)
  Wisconsin - - 1 (1%) 450M (1%)
  New Jersey - - 1 (1%) -
  Alabama - - 1 (1%) -
Canada 4 (8%) 3.5B (15%) 15 (15%) 7.2B (18%)
  Ontario 2 (4%) 3.2B (13%) 8 (8%) 6.5B (16%)
  Alberta 1 (2%) 330M (1%) 4 (4%) 630M (2%)
  Prince Edward Island 1 (2%) - 1 (1%) -
  Quebec - - 1 (1%) -
  British Columbia - - 1 (1%) -
United Kingdom 9 (17%) 4.9B (20%) 11 (11%) 5.1B (13%)
Germany 2 (4%) 5.2B (22%) 4 (4%) 5.5B (14%)
France 2 (4%) - 2 (2%) -
Italy 2 (4%) - 2 (2%) -
New Zealand 1 (2%) - 2 (2%) 2.2B (6%)
Netherlands 1 (2%) - 2 (2%) -
Brazil 1 (2%) - 1 (1%) -
Chile 1 (2%) - 1 (1%) -
Hong Kong 1 (2%) - 1 (1%) -
Mexico 1 (2%) - 1 (1%) -
Portugal 1 (2%) - 1 (1%) -
Singapore 1 (2%) - 1 (1%) -
Spain - - 1 (1%) 2.5B (6%)
South Africa - - 1 (1%) 1.2B (3%)
Denmark - - 1 (1%) -
Luxembourg - - 1 (1%) -
Norway - - 1 (1%) -
Domestic 4 (8%) 3.5B (15%) 15 (15%) 7.2B (18%)
Cross-border 49 (92%) 20.4B (85%) 84 (85%) 33.5B (82%)
Total 53 $23.9B 99 $40.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 22 (42%) 10.4B (43%) 40 (40%) 13.9B (34%)
Buyout (LBO, MBO, MBI) 10 (19%) 630M (3%) 26 (26%) 3.5B (9%)
Divestiture 6 (11%) 3.5B (15%) 11 (11%) 7.9B (20%)
Stake Purchase 5 (9%) 1.7B (7%) 6 (6%) 4.3B (11%)
Going Private 2 (4%) 6.9B (29%) 5 (5%) 10.1B (25%)
Growth Capital 3 (6%) - 4 (4%) -
Recapitalization 1 (2%) - 3 (3%) -
Venture 2 (4%) - 2 (2%) -
Special Situations/Distressed 1 (2%) 760M (3%) 1 (1%) 760M (2%)
Add-on Acquisition 1 (2%) - 1 (1%) -
Total 53 $23.9B 99 $40.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (33%) 6.1B (23%)
Trade Sale - Public Company 12 (29%) 16.5B (61%)
Trade Sale 8 (19%) 4.3B (16%)
IPO 4 (10%) -
Bankruptcy 1 (2%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Stake Sale 1 (2%) -
Total 42 $26.9B

Top M&A Advisors

Financial Deals
Evercore Group LLC
2
Barclays Investment Bank
1
Lehman Brothers, Inc.
1
Legal Deals
Torys LLP
5
Weil Gotshal & Manges LLP
4
Kirkland & Ellis LLP
3

Deal Values

buy # Total
> $1B 13 $32.1B
$100M to $1B 16 $8.5B
< $100M 1 $46M
TOTAL $40.7B
Largest Techem GmbH
$5.2B (2018-05-25)
sell # Total
> $1B 9 $20.9B
$100M to $1B 10 $6.0B
TOTAL $26.9B
Largest Grupo Corporativo ONO S.A.
$8.1B (2014-03-17)

M&A Connections

Deals
Acquired from
Investor(s)
45%
45 (45%)
Strategic(s)
11%
11 (11%)
Exited to
Investor(s)
33%
14 (33%)
Strategic(s)
50%
21 (50%)

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