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M&A Deal Summary

Ontario Teachers Pension Plan and Ares Private Equity Group Acquire Simmons

On September 25, 2009, pension Ontario Teachers Pension Plan and private equity firm Ares Private Equity Group acquired consumer products company Simmons from Thomas H. Lee Partners for 760M USD

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 7th and Ares Private Equity Group’s 6th transaction in the Consumer Products sector.
  • This is Ontario Teachers Pension Plan’s 21st and Ares Private Equity Group’s 10th largest (disclosed) transaction.
  • This is Ontario Teachers Pension Plan’s 15th and Ares Private Equity Group’s 23rd transaction in the United States.
  • This is Ontario Teachers Pension Plan’s 3rd and Ares Private Equity Group’s 1st transaction in Georgia.
Investment Fate
  • Simmons merged with another company in 2018.

M&A Deal Summary
Date 2009-09-25
Target Simmons
Sector Consumer Products
Buyer(s) Ontario Teachers Pension Plan
Ares Private Equity Group
Sellers(s) Thomas H. Lee Partners
Deal Type Special Situations/Distressed
Deal Value 760M USD

Target

Simmons

Atlanta, Georgia, United States
Simmons is the second-largest bedding manufacturer in the United States and a world leader in pocketed coil spring technology. Simmons mattresses are distributed under renowned brand names such as Beautyrest and BackCare.

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Buyer(S) 2

Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

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 34 of 176
Sector (Consumer Products) 7 of 10
Type (Special Situations/Distressed) 1 of 1
State (Georgia) 3 of 7
Country (United States) 15 of 73
Year (2009) 2 of 2
Size (of disclosed) 21 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-24 Insight Pharmaceuticals

Langhorne, Pennsylvania, United States

Insight Pharmaceuticals Corp. is a consumer products company provides consumer OTC products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-19 Acorn Care & Education

Bolton, United Kingdom

Acorn Care & Education Ltd. is a provider of care and education for children with special educational needs. ACE's core area of focus is SEN schools for children with emotional and behavioural difficulties, severe learning difficulties, challenging behaviour and complex needs.

Buy £155M
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Category Private Equity Firm
Founded 2003
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.

DEAL STATS #
Overall 25 of 122
Sector (Consumer Products) 6 of 8
Type (Special Situations/Distressed) 1 of 2
State (Georgia) 1 of 5
Country (United States) 23 of 90
Year (2009) 1 of 1
Size (of disclosed) 10 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-04 TranZact

Fort Lee, New Jersey, United States

TranZact specializes in addressing consumers' insurance needs through our comprehensive direct-to-consumer marketing, sales, servicing, and technology capabilities. TranZact was founded in 1997 and is based in Fort Lee, New Jersey.

Buy $185M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-22 Nortek Air Solutions

Okarche, Oklahoma, United States

Nortek Air Solutions is a diversified manufacturer of world-class products spanning custom and commercial air solutions for high-performance environments, residential and commercial HVAC, and fresh air ventilation systems for homes. Nortek Air was founded in 1977 and is based in Okarche, Oklahoma.

Sell -

Seller(S) 1

SELLER

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 13 of 54
Sector (Consumer Products) 3 of 4
Type (Special Situations/Distressed) 1 of 1
State (Georgia) 1 of 4
Country (United States) 8 of 45
Year (2009) 1 of 2
Size (of disclosed) 16 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-20 Progressive Moulded Products

Vaughan, Ontario, Canada

Progressive Moulded Products Limited went out of business. Progressive Moulded Products Limited, a plastic injection molding company, engages in designing, manufacturing, and supplying interior plastic assemblies for cars and light trucks in North America. The company offers plastic interior subsystems and components, as well as related production moulds. It serves automotive organizations and system integrators. The company was founded in 1967 and is based in Vaughan, Canada. It operates manufacturing plants in the United States and Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-21 Hawkeye Energy Holdings

Ames, Iowa, United States

Hawkeye Energy Holdings, LLC ('Hawkeye' or the 'Company') is the fourth largest ethanol producer in the United States based on production capacity of 450 MMGPY. Its access to low-cost corn supplies, approach to marketing its ethanol, operating scale, transportation infrastructure and operational expertise allow the Company to be one of the lowest-cost producers of ethanol in the United States. Hawkeye Gold, a marketing & services organization, has developed a best-in-class management team that is currently marketing ethanol and distillers grains for Hawkeye and several third party plants.

Sell -
Mergr

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