Ontario Teachers Pension Plan Mergers and Acquisitions Summary

Pension Profile

In the last 3 years, Ontario Teachers Pension Plan has acquired 18 companies. It has also invested in 3 others.

Ontario Teachers Pension Plan’s most common sectors for investment areconsumer products (8%) and healthcare services (8%) . The Firm’s most common investment types include secondary buyout (42%) and buyout (lbo, mbo, mbi) (25%). In total, Ontario Teachers Pension Plan has invested in 18 US states and 21 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 19 companies. The Firm’s most common exit type is trade sale (45%). 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 Activity153
    • M&A Buy Activity104
    • M&A Sell Activity49
  • Total Sectors Invested 38
  • Total Countries Invested 21
  • M&A Buy/Sell Connections 86
  • M&A Advisors 29

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 (5.2/yr) # 78 5 2 4 6 9 104
vol $25.4B $5.2B $3.4B $2.1B $4.7B $40.7B
Sell (4.4/yr) # 27 3 4 5 2 8 49
vol $21.4B $985M $3.6B $960M $26.9B
  153

Most Recent M&A

Company Date Value Type
FTX Trading Ltd. 2021-10-21 - Venture
Saint John's, Antigua and Barbuda · www.ftx.com
Vantage Elevator Solutions 2021-10-13 - Secondary Buyout
Bronx, New Hampshire · www.vantageelevation.com
Washington Analysis LLC 2021-10-01 - Add-on Acquisition
Washington, District of Columbia · www.washingtonanalysis.com
HomEquity Bank 2021-09-22 - Secondary Buyout
Toronto, Ontario · www.chip.ca
European Camping Group 2021-09-06 - Secondary Buyout
Aix-en-Provence, France · www.europeancampinggroup.com
Acorn Health, Inc. 2021-08-27 - Secondary Buyout
Coral Gables, Florida · www.acornhealth.com
CeramTec Group 2021-08-17 - Secondary Buyout
Plochingen, Germany · www.ceramtec-group.com
Aurora Plastics, Inc. 2021-08-11 - Secondary Buyout
Streetsboro, Ohio · www.auroraplastics.com
Hawkwood Energy LLC 2021-07-08 - Add-on Acquisition
Denver, Colorado · www.hawkwoodenergy.com
Burton’s Biscuit Co. 2021-06-01 - Add-on Acquisition
Blackpool, United Kingdom · www.burtonsfoods.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
TricorBraun, Inc. 2021-01-06 Vetroelite S.p.A. 2021-10-12 4
St. Louis, Missouri · www.tricorbraun.com Treviso, Italy · www.vetroelite.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 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
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
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
Shearer's Foods, Inc. 2012-11-02 Medallion Foods, Inc. 2014-04-17 1
Brewster, Ohio · www.shearers.com Tacoma, Washington · www.medallionfoods.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 3 (6%) 760M (3%) 8 (8%) 1.6B (4%)
Healthcare Services 5 (9%) - 8 (8%) -
Information Technology 3 (6%) 2.1B (9%) 7 (7%) 4.2B (10%)
Financial Services 5 (9%) - 6 (6%) 318M (1%)
Business Services 2 (4%) 5.2B (24%) 5 (5%) 5.2B (13%)
Insurance 2 (4%) - 5 (5%) 1.2B (3%)
Energy Services and Equipment 3 (6%) 3.5B (16%) 4 (4%) 3.5B (9%)
Consumer Services 2 (4%) - 4 (4%) -
Leisure 1 (2%) - 4 (4%) -
Software 2 (4%) 5.1B (23%) 3 (3%) 5.6B (14%)
Utilities 2 (4%) - 3 (3%) 1.8B (4%)
Internet Software and Services 2 (4%) - 3 (3%) 717M (2%)
Food 2 (4%) 500M (2%) 3 (3%) 500M (1%)
Machinery 1 (2%) - 3 (3%) 450M (1%)
Oil/Gas Exploration 1 (2%) - 3 (3%) 300M (1%)
Manufacturing 1 (2%) - 3 (3%) -
Communications 1 (2%) 3.4B (16%) 2 (2%) 5.9B (15%)
Retail - - 2 (2%) 4.3B (11%)
Publishing - - 2 (2%) 2.2B (6%)
Life Science 1 (2%) - 2 (2%) 600M (1%)
Aerospace 2 (4%) - 2 (2%) -
Apparel/Textiles 1 (2%) - 2 (2%) -
Infrastructure 2 (4%) - 2 (2%) -
Packaging 1 (2%) - 2 (2%) -
Plastics 1 (2%) - 2 (2%) -
Renewable Energy 1 (2%) - 2 (2%) -
Transportation 1 (2%) - 2 (2%) -
Real Estate 1 (2%) 865M (4%) 1 (1%) 865M (2%)
Metals/Mining 1 (2%) 588M (3%) 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 $21.9B 105 $40.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 25 (47%) 8.4B (38%) 53 (50%) 17.0B (42%)
  California 7 (13%) 3.5B (16%) 13 (12%) 5.6B (14%)
  Illinois 1 (2%) - 6 (6%) 868M (2%)
  Georgia 3 (6%) 760M (3%) 5 (5%) 760M (2%)
  Pennsylvania 2 (4%) - 5 (5%) 1.7B (4%)
  Texas 3 (6%) 1.6B (7%) 4 (4%) 1.6B (4%)
  Ohio 2 (4%) 500M (2%) 4 (4%) 500M (1%)
  Florida 2 (4%) - 2 (2%) -
  Massachusetts 1 (2%) 2.1B (9%) 2 (2%) 3.8B (9%)
  Tennessee 1 (2%) - 2 (2%) 840M (2%)
  Connecticut - - 2 (2%) -
  Missouri 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  New Hampshire 1 (2%) - 1 (1%) -
  North Carolina - - 1 (1%) 600M (1%)
  Wisconsin - - 1 (1%) 450M (1%)
  Colorado - - 1 (1%) 300M (1%)
  Alabama - - 1 (1%) -
  New Jersey - - 1 (1%) -
Canada 5 (9%) 3.5B (16%) 16 (15%) 7.2B (18%)
  Ontario 3 (6%) 3.2B (14%) 9 (9%) 6.5B (16%)
  Alberta 1 (2%) 330M (2%) 4 (4%) 630M (2%)
  Prince Edward Island 1 (2%) - 1 (1%) -
  Quebec - - 1 (1%) -
  British Columbia - - 1 (1%) -
United Kingdom 9 (17%) 4.9B (22%) 11 (10%) 5.1B (13%)
Germany 1 (2%) 5.2B (24%) 4 (4%) 5.5B (14%)
Italy 2 (4%) - 2 (2%) -
New Zealand 1 (2%) - 2 (2%) 2.2B (6%)
France 1 (2%) - 2 (2%) -
Netherlands 1 (2%) - 2 (2%) -
China 1 (2%) - 1 (1%) -
Antigua and Barbuda 1 (2%) - 1 (1%) -
Australia 1 (2%) - 1 (1%) -
Brazil 1 (2%) - 1 (1%) -
Chile 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 5 (9%) 3.5B (16%) 16 (15%) 7.2B (18%)
Cross-border 48 (91%) 18.4B (84%) 89 (85%) 33.5B (82%)
Total 53 $21.9B 105 $40.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 23 (43%) 10.4B (47%) 44 (42%) 15.6B (39%)
Buyout (LBO, MBO, MBI) 8 (15%) 330M (2%) 26 (25%) 3.5B (9%)
Divestiture 6 (11%) 3.5B (16%) 11 (10%) 7.9B (20%)
Stake Purchase 5 (9%) - 6 (6%) 2.6B (6%)
Going Private 2 (4%) 6.9B (32%) 5 (5%) 10.1B (25%)
Growth Capital 3 (6%) - 5 (5%) -
Recapitalization 1 (2%) - 3 (3%) -
Venture 3 (6%) - 3 (3%) -
Special Situations/Distressed 1 (2%) 760M (3%) 1 (1%) 760M (2%)
Add-on Acquisition 1 (2%) - 1 (1%) -
Total 53 $21.9B 105 $40.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 18 (37%) 6.1B (23%)
Trade Sale - Public Company 12 (24%) 16.5B (61%)
Trade Sale 10 (20%) 4.3B (16%)
IPO 5 (10%) -
Bankruptcy 1 (2%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Stake Sale 1 (2%) -
Total 49 $26.9B

Top M&A Advisors

Financial Deals
Evercore Group LLC
2
J.P. Morgan Securities LLC
1
Bank of America Merrill Lynch (BofA Securities)
1
Legal Deals
Weil Gotshal & Manges LLP
5
Torys LLP
5
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)
46%
48 (46%)
Strategic(s)
10%
11 (10%)
Exited to
Investor(s)
37%
18 (37%)
Strategic(s)
49%
24 (49%)

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