M&A Deal Summary

Capital Power and Manulife Acquire Midland Cogeneration Venture

On July 12, 2022, Capital Power and Manulife acquired utilities company Midland Cogeneration Venture from OMERS Infrastructure

Acquisition Highlights
  • This is Capital Power’s 3rd and Manulife’s 1st transaction in the Utilities sector.
  • This is Capital Power’s 3rd and Manulife’s 3rd transaction in the United States.
  • This is Capital Power’s 1st and Manulife’s 1st transaction in Michigan.

M&A Deal Summary
Date 2022-07-12
Target Midland Cogeneration Venture
Sector Utilities
Buyer(s) Capital Power
Manulife
Sellers(s) OMERS Infrastructure
Deal Type Add-on Acquisition

Target

Midland Cogeneration Venture

Midland, Michigan, United States
Midland Cogeneration Venture is a provider of gas-fired cogeneration plants in the United States and its facility capacity is 1,560 megawatts of electric power and additionally 1.35 million pounds per hour of process steam for industrial use. Midland Cogeneration Venture was founded in 1987 and is based in MIdland, Michigan.

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Buyer(S) 2

Buyer

Capital Power

Edmonton, Alberta, Canada
Category Company
Founded 1891
Sector Renewable Energy
Employees793
Revenue 4.2B CAD (2023)
DESCRIPTION

Capital Power is a growth-oriented North American power producer. The company develops, acquires, operates and optimizes power generation from a variety of energy sources.Capital Power owns more than 2,600 megawatts of power generation capacity at 14 facilities across North America and owns 371 megawatts of capacity through a power purchase agreement. An additional 490 megawatts of owned generation capacity is under construction in Alberta and Ontario. Capital Power was incorporated in 1891 and is based in Edmonton, Canada.

DEAL STATS #
Overall 5 of 5
Sector (Utilities) 3 of 3
Type (Add-on Acquisition) 4 of 4
State (Michigan) 1 of 1
Country (United States) 3 of 3
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 New England Independent System Operator

United States

Tiverton and Rumford are both natural gas-fired combined cycle plants, each with a nominal capacity of 265 MW. Tiverton and Rumford have winter generation capacities of 279 MW and 270 MW, respectively with a combined maximum capacity of 549 MW.

Sell $541M
Buyer

Manulife

Toronto, Ontario, Canada
Category Company
Founded 1887
Sector Financial Services
Employees38,000
Revenue 42.3B CAD (2023)
DESCRIPTION

Manulife is a financial services company with principal operations in Asia, Canada and the United States. Manulife was founded in 1887 and is based in Toronto, Ontario.

DEAL STATS #
Overall 10 of 10
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Michigan) 1 of 1
Country (United States) 3 of 3
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-03 The Manufacturers Life Insurance

Toronto, Ontario, Canada

The Manufacturers Life Insurance Co. is an operator of life insurance company in Asia, Canada, the United States, and internationally.

Buy $4.0B

Seller(S) 1

SELLER

OMERS Infrastructure

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 1990
Size Mega
Type Sector Focused
DESCRIPTION

OMERS Infrastructure is the infrastructure investment arm of Canadian pension plan OMERS. OMERS targets 'large-scale' infrastructure investments valued in excess of $1 billion where the firm can commit at least $200 million of equity capital. Prospective opportunities generally possess significant governmental or regulatory barriers to entry, as well as stable cash-flows linked to long-term contracts. Specific areas of interest include energy (generation, transmission and distribution networks), transportation (transportation gateways, rail corridors, ports and airports), institutional facilities (hospitals, long-term care facilities and schools), and government-regulated services (laboratory diagnostic services, satellite and other communications networks and land registry services). OMERS was formed in 1990 and is based in Toronto.

DEAL STATS #
Overall 13 of 18
Sector (Utilities) 2 of 2
Type (Add-on Acquisition) 6 of 9
State (Michigan) 2 of 2
Country (United States) 4 of 5
Year (2022) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-29 VTG

Hamburg, Germany

VTG is a full-range service, providing tank cars, intermodal wagons, standard freight wagons and sliding wall wagons. In addition to the hiring of wagons, the Group offers comprehensive multi-modal logistics services, mainly around rail transport, and global tank container transports. VTG was founded in 1951 and is based in Hamburg, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-15 Waveconn

Sydney, Australia

Waveconn is an agile and flexible digital infrastructure business that is excited to play a role in the future of telecommunications. Created to meet the needs of the constantly evolving world of telecommunications, we apply our high level of industry experience in the digital infrastructure space. Waveconn was founded in 2022 and is based in Sydney, Australia.

Buy -
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