Ontario Teachers Pension Plan Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ontario Teachers Pension Plan has acquired 13 companies. It has also invested in 2 others.

Ontario Teachers Pension Plan’s most common sectors for investment are information technology (8%) and consumer products (8%). The Firm’s most common investment types include secondary buyout (39%) and buyout (lbo, mbo, mbi) (28%). In total, Ontario Teachers Pension Plan has invested in 17 US states and 18 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 11 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 Activity133
    • M&A Buy Activity93
    • M&A Sell Activity40
  • Total Sectors Invested 38
  • Total Countries Invested 18
  • M&A Buy/Sell Connections 79
  • M&A Advisors 26

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 (3.8/yr) # 74 4 2 4 6 3 93
vol $25.4B $5.2B $3.4B $2.1B $3.2B $39.2B
Sell (2.8/yr) # 26 3 3 5 2 1 40
vol $21.4B $985M $3.6B $26.0B
  133

Most Recent M&A

Company Date Value Type
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
NVISION Eye Centers 2020-11-30 - Buyout (LBO, MBO, MBI)
Aliso Viejo, California · www.nvisioncenters.com
Allworth Financial 2020-10-20 - Secondary Buyout
Sacramento, California · www.allworthfinancial.com
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
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
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 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
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
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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 4 (8%) 2.1B (9%) 7 (7%) 4.2B (11%)
Consumer Products 2 (4%) 760M (3%) 7 (7%) 1.6B (4%)
Healthcare Services 5 (10%) - 7 (7%) -
Business Services 2 (4%) 5.2B (23%) 5 (5%) 5.2B (13%)
Financial Services 4 (8%) - 5 (5%) 318M (1%)
Energy Services and Equipment 3 (6%) 3.5B (16%) 4 (4%) 3.5B (9%)
Insurance 1 (2%) - 4 (4%) 1.2B (3%)
Consumer Services 2 (4%) - 4 (4%) -
Food 3 (6%) 500M (2%) 3 (3%) 500M (1%)
Machinery 1 (2%) - 3 (3%) 450M (1%)
Leisure 1 (2%) - 3 (3%) -
Manufacturing 2 (4%) - 3 (3%) -
Communications 1 (2%) 3.4B (15%) 2 (2%) 5.9B (15%)
Retail 1 (2%) 1.7B (8%) 2 (2%) 4.3B (11%)
Software 1 (2%) 3.5B (16%) 2 (2%) 4.1B (10%)
Publishing - - 2 (2%) 2.2B (6%)
Utilities 1 (2%) - 2 (2%) 1.8B (5%)
Internet Software and Services 1 (2%) - 2 (2%) 717M (2%)
Oil/Gas Exploration 1 (2%) 300M (1%) 2 (2%) 300M (1%)
Aerospace 2 (4%) - 2 (2%) -
Apparel/Textiles 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 (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%) -
Distribution 1 (2%) - 1 (1%) -
Environmental - - 1 (1%) -
Infrastructure 1 (2%) - 1 (1%) -
Media - - 1 (1%) -
Restaurants - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 50 $22.4B 94 $38.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 25 (50%) 8.8B (40%) 48 (51%) 15.4B (39%)
  California 7 (14%) 3.5B (16%) 13 (14%) 5.6B (14%)
  Pennsylvania 3 (6%) 1.7B (8%) 5 (5%) 1.7B (4%)
  Illinois 1 (2%) - 5 (5%) 868M (2%)
  Ohio 3 (6%) 500M (2%) 4 (4%) 500M (1%)
  Georgia 2 (4%) 760M (3%) 4 (4%) 760M (2%)
  Texas 2 (4%) - 2 (2%) -
  Massachusetts 1 (2%) 2.1B (9%) 2 (2%) 3.8B (10%)
  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 (2%)
  Wisconsin - - 1 (1%) 450M (1%)
  New Jersey - - 1 (1%) -
  Alabama - - 1 (1%) -
Canada 4 (8%) 3.5B (16%) 15 (16%) 7.2B (18%)
  Ontario 2 (4%) 3.2B (14%) 8 (9%) 6.5B (17%)
  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 10 (20%) 4.9B (22%) 11 (12%) 5.1B (13%)
Germany 2 (4%) 5.2B (23%) 4 (4%) 5.5B (14%)
Italy 2 (4%) - 2 (2%) -
New Zealand 1 (2%) - 2 (2%) 2.2B (6%)
France 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%) -
Netherlands - - 1 (1%) -
Norway - - 1 (1%) -
Domestic 4 (8%) 3.5B (16%) 15 (16%) 7.2B (18%)
Cross-border 46 (92%) 18.9B (84%) 79 (84%) 32.0B (82%)
Total 50 $22.4B 94 $39.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 20 (40%) 8.8B (40%) 36 (38%) 12.3B (32%)
Buyout (LBO, MBO, MBI) 10 (20%) 630M (3%) 26 (28%) 3.5B (9%)
Divestiture 6 (12%) 3.5B (16%) 11 (12%) 7.9B (20%)
Stake Purchase 5 (10%) 1.7B (8%) 6 (6%) 4.3B (11%)
Going Private 2 (4%) 6.9B (31%) 5 (5%) 10.1B (26%)
Growth Capital 2 (4%) - 3 (3%) -
Recapitalization - - 2 (2%) -
Venture 2 (4%) - 2 (2%) -
Special Situations/Distressed 1 (2%) 760M (3%) 1 (1%) 760M (2%)
Add-on Acquisition 1 (2%) - 1 (1%) -
Consolidation 1 (2%) - 1 (1%) -
Total 50 $22.4B 94 $38.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (35%) 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 40 $26.0B

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
Davis Polk & Wardwell LLP
2

Deal Values

buy # Total
> $1B 12 $30.6B
$100M to $1B 16 $8.5B
< $100M 1 $46M
TOTAL $39.2B
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
Investor(s)
44%
41 (44%)
Strategic(s)
12%
11 (12%)
Exited to
Investor(s)
35%
14 (35%)
Strategic(s)
48%
19 (48%)

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