Ontario Teachers Pension Plan Mergers and Acquisitions Summary

Pension Profile

In the last 3 years, Ontario Teachers Pension Plan has acquired 25 companies. It has also invested in 25 others.

Ontario Teachers Pension Plan’s most common sectors for investment areinfrastructure (8%) and healthcare services (7%) . The Firm’s most common investment types include secondary buyout (32%) and buyout (lbo, mbo, mbi) (24%). In total, Ontario Teachers Pension Plan has invested in 19 US states and 27 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 25 companies. The Firm’s most common exit type is trade sale (40%). 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 Activity233
    • M&A Buy Activity168
    • M&A Sell Activity65
  • Total Sectors Invested 46
  • Total Countries Invested 27
  • M&A Buy/Sell Connections 125
  • 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: Agriculture, Apparel/Textiles, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Education, Energy Services and Equipment, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Machinery, Manufacturing, Media, Publishing, Retail, Software, Technology Hardware, Transportation, Utilities

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Asia/Pacific, Australia/New Zealand, Latin/South America

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (11.0/yr) # 113 6 10 15 18 6 168
vol $26.8B $5.2B $4.6B $2.2B $8.4B $574M $47.7B
Sell (6.0/yr) # 35 5 6 3 15 1 65
vol $26.0B $985M $3.6B $8.3B $38.8B
  233

Most Recent M&A

Company Date Value Type
GPA Global 2022-09-19 - Secondary Buyout
Shenzhen, China · www.gpaglobal.net
Kry 2022-07-21 - Venture
Stockholm, Sweden · www.kry.se
Spark New Zealand - Mobile Tower Business 2022-07-11 574M NZD Divestiture
, New Zealand
VerSe Innovation Pvt. Ltd. 2022-04-06 - Growth Capital
Bangalore, India · www.verse.in
Lendable Ltd. 2022-03-10 - Growth Capital
London, United Kingdom · www.lendable.co.uk
Puget Holdings 2022-02-22 - Stake Purchase
New York, New York
Orgain, Inc. 2022-02-02 - Add-on Acquisition
Irvine, California · www.orgain.com
Spark Infrastructure Group 2021-12-23 3.7B AUD Going Private
Barangaroo, Australia · www.sparkinfrastructure.com
Chisholm Energy Holdings LLC 2021-12-15 - Add-on Acquisition
Fort Worth, Texas · www.chisholmenergy.com
Veonet GmbH 2021-12-03 - Secondary Buyout
Munich, Germany · www.veonet-group.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CareerBuilder, Inc. 2017-06-20 Workterra LLC 2022-10-11 3
Chicago, Illinois · www.careerbuilder.com Pleasanton, California · www.workterra.com
Veonet GmbH 2021-12-03 Miranza Inversiones Oftalmologicas, S.L. 2022-09-12 1
Munich, Germany · www.veonet-group.com Madrid, Spain · www.miranza.es
Mitratech Holdings, Inc. 2021-05-18 talentReef, Inc. 2022-08-10 4
Austin, Texas · www.mitratech.com Denver, Colorado · www.talentreef.com
TricorBraun, Inc. 2021-01-06 PB Packaging 2022-04-10 13
St. Louis, Missouri · www.tricorbraun.com Wetherill Park, Australia · www.pbpackaging.com.au
TricorBraun, Inc. 2021-01-06 PBFY Flexible Packaging 2022-04-06 12
St. Louis, Missouri · www.tricorbraun.com Brea, California · www.pbfy.com
RSA Security LLC 2020-02-18 RSA Conference Parent, Inc. 2022-03-15 1
Bedford, Massachusetts · www.rsa.com Bedford, Massachusetts · www.rsaconference.com
TricorBraun, Inc. 2021-01-06 Vetroelite S.p.A. 2021-10-12 11
St. Louis, Missouri · www.tricorbraun.com Treviso, Italy · www.vetroelite.com
Sovos Compliance LLC 2016-01-19 Saphety Level - Trusted Services S.A. 2021-07-07 13
Wilmington, Massachusetts · www.sovos.com Lisbon, Portugal · www.saphety.com
Enwave Energy Corp. 2021-02-02 Enwave Energy Corp. - U.S. business 2021-02-02 1
Toronto, Ontario · www.enwave.com , United States
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
Infrastructure 12 (12%) 3.7B (17%) 12 (7%) 3.7B (7%)
Information Technology 5 (5%) 2.1B (9%) 11 (6%) 4.2B (8%)
Healthcare Services 7 (7%) 89M (< 1%) 11 (6%) 89M (< 1%)
Consumer Products 3 (3%) - 10 (6%) 1.6B (3%)
Software 7 (7%) 1.6B (7%) 9 (5%) 5.6B (11%)
Financial Services 7 (7%) - 9 (5%) 318M (1%)
Consumer Services 5 (5%) - 8 (5%) -
Utilities 6 (6%) - 7 (4%) 1.8B (4%)
Business Services 2 (2%) 5.2B (23%) 6 (4%) 5.2B (10%)
Insurance 3 (3%) - 6 (4%) 1.2B (2%)
Internet Software and Services 5 (5%) - 6 (4%) 717M (1%)
Energy Services and Equipment 4 (4%) 3.5B (16%) 5 (3%) 3.5B (7%)
Packaging 4 (4%) 2.5B (11%) 5 (3%) 2.5B (5%)
Communications 2 (2%) 574M (3%) 4 (2%) 6.5B (13%)
Food 2 (2%) 500M (2%) 4 (2%) 500M (1%)
Manufacturing 1 (1%) - 4 (2%) 450M (1%)
Oil/Gas Exploration 1 (1%) - 4 (2%) 300M (1%)
Leisure 1 (1%) - 4 (2%) -
Real Estate 2 (2%) - 3 (2%) 865M (2%)
Life Science 2 (2%) - 3 (2%) 600M (1%)
Agriculture 3 (3%) - 3 (2%) -
Machinery 1 (1%) - 3 (2%) -
Renewable Energy 2 (2%) - 3 (2%) -
Retail - - 2 (1%) 4.3B (9%)
Publishing - - 2 (1%) 2.2B (4%)
Education 1 (1%) 1.2B (5%) 2 (1%) 1.4B (3%)
Metals/Mining 1 (1%) - 2 (1%) 588M (1%)
Apparel/Textiles - - 2 (1%) -
Gaming 2 (2%) - 2 (1%) -
Transportation - - 2 (1%) -
Electronics 1 (1%) 1.4B (6%) 1 (1%) 1.4B (3%)
Chemicals - - 1 (1%) 342M (1%)
Aerospace 1 (1%) - 1 (1%) -
Automotive 1 (1%) - 1 (1%) -
Beverages 1 (1%) - 1 (1%) -
Building Materials - - 1 (1%) -
Digital Media 1 (1%) - 1 (1%) -
Environmental - - 1 (1%) -
Franchising 1 (1%) - 1 (1%) -
Marine - - 1 (1%) -
Media - - 1 (1%) -
Plastics - - 1 (1%) -
Restaurants - - 1 (1%) -
Semiconductors 1 (1%) - 1 (1%) -
Staffing 1 (1%) - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 99 $22.3B 170 $49.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 33 (33%) 5.5B (25%) 70 (41%) 18.4B (37%)
  California 8 (8%) - 17 (10%) 5.6B (11%)
  Illinois 2 (2%) - 9 (5%) 868M (2%)
  Georgia 3 (3%) - 7 (4%) 760M (2%)
  New York 5 (5%) 1.4B (6%) 5 (3%) 1.4B (3%)
  Massachusetts 4 (4%) 2.1B (9%) 5 (3%) 3.8B (8%)
  Texas 2 (2%) 1.6B (7%) 4 (2%) 1.6B (3%)
  Ohio 2 (2%) 500M (2%) 4 (2%) 500M (1%)
  Pennsylvania - - 3 (2%) 1.7B (3%)
  Florida 2 (2%) - 2 (1%) -
  Missouri 2 (2%) - 2 (1%) -
  Tennessee 1 (1%) - 2 (1%) 840M (2%)
  North Carolina 1 (1%) - 2 (1%) 600M (1%)
  Connecticut - - 2 (1%) -
  Washington 1 (1%) - 1 (1%) -
  Wisconsin - - 1 (1%) 450M (1%)
  Colorado - - 1 (1%) 300M (1%)
  Alabama - - 1 (1%) -
  Utah - - 1 (1%) -
  New Jersey - - 1 (1%) -
Canada 15 (15%) 3.5B (16%) 26 (15%) 7.2B (14%)
  Ontario 9 (9%) 3.2B (14%) 15 (9%) 6.5B (13%)
  Alberta 3 (3%) 330M (1%) 6 (4%) 630M (1%)
  British Columbia 1 (1%) - 2 (1%) -
  Prince Edward Island 1 (1%) - 1 (1%) -
  Manitoba 1 (1%) - 1 (1%) -
  Quebec - - 1 (1%) -
United Kingdom 14 (14%) - 20 (12%) 5.1B (10%)
Australia 6 (6%) 4.9B (22%) 6 (4%) 4.9B (10%)
Germany 2 (2%) 5.2B (23%) 6 (4%) 5.5B (11%)
China 5 (5%) - 5 (3%) -
New Zealand 3 (3%) 663M (3%) 4 (2%) 2.9B (6%)
India 2 (2%) - 3 (2%) -
Singapore 2 (2%) - 3 (2%) -
Netherlands 1 (1%) 2.5B (11%) 3 (2%) 2.5B (5%)
Chile 2 (2%) - 2 (1%) -
Mexico 2 (2%) - 2 (1%) -
Spain 1 (1%) - 2 (1%) 2.5B (5%)
France 1 (1%) - 2 (1%) -
Italy 1 (1%) - 2 (1%) -
Brazil 1 (1%) - 2 (1%) -
Denmark 1 (1%) - 2 (1%) -
Antigua and Barbuda 1 (1%) - 1 (1%) -
Belgium 1 (1%) - 1 (1%) -
Finland 1 (1%) - 1 (1%) -
Ireland 1 (1%) - 1 (1%) -
South Korea 1 (1%) - 1 (1%) -
Portugal 1 (1%) - 1 (1%) -
Sweden 1 (1%) - 1 (1%) -
South Africa - - 1 (1%) 1.2B (2%)
Luxembourg - - 1 (1%) -
Norway - - 1 (1%) -
Domestic 15 (15%) 3.5B (16%) 26 (15%) 7.2B (14%)
Cross-border 84 (85%) 18.8B (84%) 144 (85%) 43.0B (86%)
Total 99 $22.3B 170 $50.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (27%) 10.4B (47%) 54 (32%) 15.6B (31%)
Buyout (LBO, MBO, MBI) 19 (19%) 1.5B (7%) 40 (24%) 4.7B (9%)
Growth Capital 12 (12%) - 17 (10%) -
Divestiture 8 (8%) 2.6B (12%) 15 (9%) 8.5B (17%)
Stake Purchase 13 (13%) - 15 (9%) 2.6B (5%)
Venture 13 (13%) - 14 (8%) -
Going Private 2 (2%) 3.8B (17%) 7 (4%) 13.9B (28%)
Recapitalization 1 (1%) - 3 (2%) -
Consolidation 2 (2%) 1.4B (6%) 2 (1%) 1.4B (3%)
Add-on Acquisition 1 (1%) 2.5B (11%) 1 (1%) 2.5B (5%)
Special Situations/Distressed - - 1 (1%) 760M (2%)
Acquisition Financing 1 (1%) - 1 (1%) -
Total 99 $22.3B 170 $49.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 19 (29%) 6.1B (16%)
Trade Sale - Public Company 14 (22%) 23.8B (61%)
Trade Sale 12 (18%) 7.6B (19%)
IPO 12 (18%) -
Merger 3 (5%) -
Bankruptcy 2 (3%) -
Divestiture 1 (2%) 1.3B (3%)
Sold to Management 1 (2%) -
Stake Sale 1 (2%) -
Total 65 $38.8B

Top M&A Advisors

Financial Deals
Evercore Group LLC
3
BMO Capital Markets
2
TD Securities
1
Legal Deals
Torys LLP
5
Weil Gotshal & Manges LLP
5
Kirkland & Ellis LLP
3

Deal Values

buy # Total
> $1B 17 $40.9B
$100M to $1B 17 $9.1B
< $100M 2 $135M
TOTAL $50.2B
Largest Techem GmbH
$5.2B (2018-05-25)
sell # Total
> $1B 12 $32.8B
$100M to $1B 10 $6.0B
TOTAL $38.8B
Largest Grupo Corporativo ONO S.A.
$8.1B (2014-03-17)

M&A Connections

Deals
Acquired from
Investor(s)
35%
59 (35%)
Strategic(s)
9%
15 (9%)
Exited to
Investor(s)
31%
20 (31%)
Strategic(s)
48%
31 (48%)

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