M&A Deal Summary

PSP Investments and Ontario Teachers Pension Plan Acquire Cubico Sustainable Investments

On July 22, 2016, pensions PSP Investments and Ontario Teachers Pension Plan acquired renewable energy company Cubico Sustainable Investments from Banco Santander

Acquisition Highlights
  • This is PSP Investments’ 2nd and Ontario Teachers Pension Plan’s 2nd transaction in the Renewable Energy sector.
  • This is PSP Investments’ 2nd and Ontario Teachers Pension Plan’s 14th transaction in the United Kingdom.

M&A Deal Summary
Date 2016-07-22
Target Cubico Sustainable Investments
Sector Renewable Energy
Buyer(s) PSP Investments
Ontario Teachers Pension Plan
Sellers(s) Banco Santander
Deal Type Divestiture

Target

Cubico Sustainable Investments

London, United Kingdom
Cubico Sustainable Investments are a renewable energy and water infrastructure company. Its initial portfolio included 18 wind, solar and water infrastructure assets previously owned by Santander, representing a net capacity of 1.2 gigawatts (GW). Since inception, Cubico opened regional offices in London, Milan, Sao Paulo and Mexico City. It also successfully completed four acquisitions spanning four different countries, growing its total net capacity to 1.62 GW. The company’s portfolio now comprises 22 wind, solar and water infrastructure assets in operation, construction or under development across eight countries (Brazil, Italy, Ireland, Mexico, Portugal, Spain, United Kingdom and Uruguay). Cubico Sustainable Investments was founded in 2015 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

PSP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.

DEAL STATS #
Overall 10 of 29
Sector (Renewable Energy) 2 of 4
Type (Divestiture) 4 of 5
Country (United Kingdom) 2 of 5
Year (2016) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-10 Allflex Europe

Roxburghshire, United Kingdom

Allflex Europe is a designer, producer and distributor of animal intelligence and monitoring technologies for livestock, pets, fish and other species. It designs, produces and distributes a variety of products such as radio‐frequency identification (RFID) and visual ear tags, tissue sampling devices, RFID implants, monitoring devices, milk meters, and other farm management equipment. Allflex Europe was founded in 1973 and is based in Roxburghshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-28 Keter Plastic

Herzliya, Israel

Keter Plastic is a manufacturers and marketers of resin-based household and garden consumer products, which are sold in 90 countries and found in more than 25,000 retail outlets worldwide. Keter Plastic was founded in 1948 and is based in Herzliya, Israel.

Buy -
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 97 of 175
Sector (Renewable Energy) 2 of 4
Type (Divestiture) 10 of 15
Country (United Kingdom) 14 of 20
Year (2016) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-21 Dematic

Atlanta, Georgia, United States

Dematic is a global provider of logistics automation equipment with a focus on distribution and industry applications. Dematic Corp. was formed in 2006 and is based in Atlanta, Georgia.

Sell $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-02 Aurora Plastics

Streetsboro, Ohio, United States

Aurora Plastics produces customized rigid polyvinyl chloride (“RPVC”) compounds for extruding and injection molding customers throughout North America. Aurora provides quality and service through highly automated manufacturing facilities in Ohio and North Carolina. Aurora Plastics was founded in 1997 and is based in Streetsboro, Ohio.

Buy -

Seller(S) 1

SELLER

Banco Santander

Madrid, Spain
Category Company
Founded 1856
Sector Financial Services
Employees211,141
Revenue 59.9B EUR (2023)
DESCRIPTION

Banco Santander is a financial group operating principally in Spain, the UK, Portugal, and Brazil. Banco Santander is a provider of commercial and retail banking financial services. Banco Santander was founded in 1856 and is based in Madrid, Spain.

DEAL STATS #
Overall 3 of 6
Sector (Renewable Energy) 1 of 1
Type (Divestiture) 2 of 4
Country (United Kingdom) 2 of 2
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-19 Banco Santander - Custody Business

Madrid, Spain

Banco Santander's Custody Business focuses on enhancing the products and services provided to customers through greater investment in technology platform and team. Banco Santander's Custody Business is based in Madrid, Spain.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-16 Santander Asset Management

Glasgow, United Kingdom

Santander Asset Management is the asset management division of the Santander Group, the largest bank in the Eurozone by market capitalization. Santander Asset Management is present in 11 countries in Europe, Latin America and North America and has asset under management of over EUR 152 billion through mutual funds, pension funds and institutional mandates which invest in a wide range of underlying assets.

Buy -
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