M&A Deal Summary

Ontario Teachers Pension Plan Acquires HomeEquity Bank

On September 22, 2021, pension Ontario Teachers Pension Plan acquired financial services company HomeEquity Bank from Birch Hill Equity Partners and Maxam Capital

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 8th transaction in the Financial Services sector.
  • This is Ontario Teachers Pension Plan’s 26th transaction in Canada.
  • This is Ontario Teachers Pension Plan’s 15th transaction in Ontario.

M&A Deal Summary

Date 2021-09-22
Target HomeEquity Bank
Sector Financial Services
Buyer(s) Ontario Teachers Pension Plan
Sellers(s) Birch Hill Equity Partners
Maxam Capital
Deal Type Secondary Buyout
Advisor(s) Torys (Legal)

Target

HomeEquity Bank

Toronto, Ontario, Canada
HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage product. HomeEquity Bank was founded in 1986 and is based in Toronto, Ontario.

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Buyer(S) 1

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 159 of 175
Sector (Financial Services) 8 of 8
Type (Secondary Buyout) 51 of 56
State (Ontario) 15 of 15
Country (Canada) 26 of 26
Year (2021) 13 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-27 Acorn Health

Coral Gables, Florida, United States

Acorn Health develops, applies, and shares the latest advances in the science of applied behavior analysis (ABA) to children with autism in Southern Illinois and Northern Missouri. Acorn Health was founded in 2018 and is based in Coral Gables, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 Washington Analysis

Washington, District of Columbia, United States

Washington Analysis is an independent institutional research firm specializing in identifying risks and opportunities across asset-classes emanating from courts, Congress, and regulators, at both the state and federal levels. The company strives to be predictive in separating headline risk from fundamental changes that have a more pervasive and lasting investment impact. It also keeps an eye towards identifying the non-consensus view and looks to correct widely held misperceptions whenever possible. Washington Analysis was formed in 1973 and is based in Washington DC.

Sell -

Seller(S) 2

SELLER

Birch Hill Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 5.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Birch Hill Equity Partners is a middle-market private equity firm focused on investments in Canadian companies. Birch Hill targets growth oriented businesses valued between C$50 and C$1000 million. Sectors of interest include agriculture, communications, energy, environmental, entertainment, distribution, healthcare, manufacturing, software, and technology. Birch Hill will not consider investments in real estate, pure commodity companies or start ups. Birch Hill Equity Partners was formed in 1994 and is based in Toronto, Canada.


DEAL STATS #
Overall 35 of 37
Sector (Financial Services) 1 of 1
Type (Secondary Buyout) 12 of 13
State (Ontario) 20 of 20
Country (Canada) 28 of 30
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 Bio Agri Mix

Mitchell, Ontario, Canada

Bio Agri Mix is a medicant supplier focused on developing, distributing and marketing a wide range of antimicrobials and other feed additives to enhance animal health. Bio Agri Mix was founded in 1983 and is based in Mitchell, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-04 Polycor

Quebec, Quebec, Canada

Polycor is a dimensional stone company in North America, operating a network of quarries, manufacturing facilities, and retail stores. Polycor crafts custom stone blocks, slabs, tiles, mosaics, architectural stone, curbs, and landscaping products sold to diverse end markets. Polycor was founded in 1987 and is based in Quebec City.

Buy -
SELLER

Maxam Capital

Vancouver, British Columbia, Canada

Category Private Equity Firm
PE ASSETS 102M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Maxam Capital Corp. is an investment firm that acquires interests in publicly traded and private companies. Maxam will consider funding a variety of transactions, including mezzanine loans, growth financings, non-core divestitures, management buyouts, recapitalizations, distressed situations, and bridge loans. Maxam is a generalist investor with interest in a variety of sectors, including include manufacturing, retail, real estate, technology, financial institutions. The Firm's target investment size is $2 to $20 million. Maxam Capital is based in Vancouver, British Columbia.


DEAL STATS #
Overall 3 of 3
Sector (Financial Services) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Ontario) 2 of 2
Country (Canada) 3 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-09 goeasy

Mississauga, Ontario, Canada

goeasy is a lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. The company was formerly known as easyhome Ltd. and changed its name to goeasy Ltd. in September 2015. goeasy was founded in 1990 and is based in Mississauga, Ontario.

Sell -