M&A Deal Summary

Ontario Teachers Pension Plan and Ardagh Group SA Acquire Trivium Packaging

On July 15, 2019, pension Ontario Teachers Pension Plan and Ardagh Group SA acquired packaging company Trivium Packaging from Ontario Teachers Pension Plan, Stonebridge Partners and Manulife Investment Management for 2.5B USD

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 2nd and Ardagh Group SA’s 3rd transaction in the Packaging sector.
  • This is Ontario Teachers Pension Plan’s 8th and Ardagh Group SA’s largest (disclosed) transaction.
  • This is Ontario Teachers Pension Plan’s 3rd and Ardagh Group SA’s 2nd transaction in the Netherlands.

M&A Deal Summary

Date 2019-07-15
Target Trivium Packaging
Sector Packaging
Buyer(s) Ontario Teachers Pension Plan
Ardagh Group SA
Sellers(s) Ontario Teachers Pension Plan
Stonebridge Partners
Manulife Investment Management
Deal Type Add-on Acquisition
Deal Value 2.5B USD

Target

Trivium Packaging

Amsterdam, Netherlands
Trivium Packaging will serve a diverse range of major multinational, regional and local customers operating in a wide array of end markets, including food, seafood, pet food, nutrition, beauty, and personal care, household care and premium beverages. Trivium Packaging is based in Amsterdam, Netherlands.

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Buyer(S) 2

Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


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 125 of 175
Sector (Packaging) 2 of 5
Type (Add-on Acquisition) 1 of 1
Country (Netherlands) 3 of 3
Year (2019) 6 of 12
Size (of disclosed) 8 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-05 Navitas

Perth, Australia

Navitas is an education provider that offers an extensive range of educational services through three major Divisions to students and professionals including university programs, creative media education, professional education, English language training and settlement services. Navitas was founded in 1994 and is based in Perth, Australia.

Buy $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Infiltrator Water Technologies

Old Saybrook, Connecticut, United States

Infiltrator Water Technologies LLC is a manufacturer of products for the water and wastewater industries. Infiltrator manufactures a variety of revolutionary products and innovative, environmentally friendly alternatives to traditional stone and pipe leachfield and concrete septic wastewater system components. Infiltrator Water Technologies LLC was founded in 1987 and is based in Old Saybrook, Connecticut.

Sell $1.1B
Buyer

Ardagh Group SA

Luxembourg, Luxembourg

Category Company
Founded 1932
Sector Packaging
Employees18,000
Revenue 4.2B EUR (2013)
DESCRIPTION

Ardagh Group is a Luxembourg-based producer of glass and metal products. It was founded in 1932 as the Irish Glass Bottle Company. In 1999 it expanded by buying Rockware Glass and in 2007 by buying the Rexam Glass Division.


DEAL STATS #
Overall 3 of 4
Sector (Packaging) 3 of 4
Type (Add-on Acquisition) 3 of 4
Country (Netherlands) 2 of 2
Year (2019) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-15 Anchor Glass

Tampa, Florida, United States

Anchor Glass is a provider of glass packaging in the United States, focusing on the growing, premium specialty segment of the market. Anchor has long-standing relationships with blue chip companies across the beer, liquor, food, beverage, ready-to-drink and consumer end-market. Anchor Glass was founded in 1983 and is based in Tampa, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-26 Consol Glass

Johannesburg, South Africa

Consol Glass is a manufacturer of glass packaging products on the African continent and operates 7 manufacturing sites (4 in SA, 1 in Kenya, 1 in Nigeria, and 1 in Ethiopia) strategically located in close proximity to customers. Consol Glass was founded in 1946 and is based in Johannesburg, South Africa.

Buy R10.1B

Seller(S) 3

SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


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 43 of 72
Sector (Packaging) 1 of 1
Type (Add-on Acquisition) 18 of 29
Country (Netherlands) 1 of 1
Year (2019) 4 of 6
Size (of disclosed) 5 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-05 Navitas

Perth, Australia

Navitas is an education provider that offers an extensive range of educational services through three major Divisions to students and professionals including university programs, creative media education, professional education, English language training and settlement services. Navitas was founded in 1994 and is based in Perth, Australia.

Buy $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Infiltrator Water Technologies

Old Saybrook, Connecticut, United States

Infiltrator Water Technologies LLC is a manufacturer of products for the water and wastewater industries. Infiltrator manufactures a variety of revolutionary products and innovative, environmentally friendly alternatives to traditional stone and pipe leachfield and concrete septic wastewater system components. Infiltrator Water Technologies LLC was founded in 1987 and is based in Old Saybrook, Connecticut.

Sell $1.1B
SELLER

Stonebridge Partners

White Plains, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stonebridge Partners is a private equity firm that targets investments in mid-sized privately-owned companies or divisions of public companies primarily serving the industrial or commercial marketplaces. The Firm 'particularly seeks companies where manufacturing equipment, processes, technology, patents, brand identity and/or reputation provide sustainable barriers to entry for potential competitors'. Target sectors include specialty manufacturing, value-added distributors, specialty packaging, building materials, and infrastructure. Stonebridge prefers businesses located in the US and Canada. Stonebridge Partners was formed in 1986 and is based in White Plains, New York.


DEAL STATS #
Overall 16 of 21
Sector (Packaging) 3 of 3
Type (Add-on Acquisition) 4 of 7
Country (Netherlands) 1 of 1
Year (2019) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Cast-Crete USA

Seffner, Florida, United States

Cast-Crete USA is a manufacturer and distributor of precast and prestressed concrete lintels and sills. Cast-Crete USA was established in 1955 and is based in Seffner, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-06 BrandFX

Fort Worth, Texas, United States

BrandFX LLC is a manufacturer and seller of composite utility truck bodies. Products include service bodies designed for smaller utility trucks, line bodies designed for medium-sized utility trucks as well as toppers and inserts designed primarily for compact utility trucks.

Sell -
SELLER

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1998
Size Large
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.


DEAL STATS #
Overall 13 of 19
Sector (Packaging) 2 of 2
Type (Add-on Acquisition) 3 of 7
Country (Netherlands) 1 of 1
Year (2019) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-11 Eddy Packing Company

Yoakum, Texas, United States

Eddy Packing Company is a broadly diversified, premier processor of beef, pork, and poultry products. The Company offers a complete line of fully cooked, marinated, cured, fresh, and frozen meat products, such as smoked sausage, fajita meat, pulled beef/pork/chicken, ribs, pork chops/loins, chicken breast, brisket, and other meat products. Eddy Packing was founded in 1953 and is based in Yoakum, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-02 Compuware

Detroit, Michigan, United States

Compuware Corp. empowers the world’s largest companies to excel in the digital economy by taking full advantage of their mainframe investments. Compuware Corp. does this by delivering innovative software that enables IT, professionals, with mainstream skills to develop, deliver and support mainframe applications with ease and agility. Our modernized solutions uniquely automate mainframe work, integrate into a cross-platform DevOps toolchain and measure software delivery quality, velocity and efficiency.

Sell -