Ontario Teachers Pension Plan Mergers and Acquisitions Summary

Pension Profile

In the last 3 years, Ontario Teachers Pension Plan has acquired 3 companies. It has also invested in 6 others.

Ontario Teachers Pension Plan’s most common sectors for investment areinfrastructure (7%) and information technology (7%) . The Firm’s most common investment types include secondary buyout (32%) and buyout (lbo, mbo, mbi) (23%). In total, Ontario Teachers Pension Plan has invested in 20 US states and 27 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Techem for $5.2B.

In the last 3 years, Ontario Teachers Pension Plan has exited 4 companies. The Firm’s most common exit type is trade sale (42%). Ontario Teachers Pension Plan’s largest (disclosed) exit occurred in 2014 when it sold Grupo Corporativo ONO S.A. for $8.1B.

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M&A Summary

  • M&A Total Activity238
    • M&A Buy Activity170
    • M&A Sell Activity68
  • Total Sectors Invested 46
  • Total Countries Invested 27
  • M&A Buy/Sell Connections 120
  • M&A Advisors 26

Ontario Teachers Pension Plan

5650 Yonge Street,
Toronto, Ontario M2M 4H5
Canada
(416) 228-5900
www.otpp.com/investments/asset-groups/equities/private-capital
teachersprivatecapital@otpp.com

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.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Education, Energy Services and Equipment, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Machinery, Manufacturing, Media, Publishing, Retail, Software, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Secondary Buyout, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Asia/Pacific, Australia/New Zealand, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 3,000
Enterprise Value - -
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (5.4/yr) # 143 19 6 2 - - 170
vol $38.4B $8.4B $574M $47.4B
Sell (3.8/yr) # 49 15 3 1 - - 68
vol $30.5B $8.3B $38.8B
  238

Most Recent M&A

Company Date Value Type
Compass Datacenters LLC 2023-06-20 - Secondary Buyout
Dallas, Texas · www.compassdatacenters.com
Sevana Bioenergy 2023-03-28 - Growth Capital
Boise, Idaho · www.sevanabioenergy.com
Sweetwater Royalties LLC 2023-03-15 - Stake Purchase
Lakewood, Colorado · www.sweetwaterroyalties.com
Camelot Global Lottery Solutions Ltd. 2022-12-22 - Add-on Acquisition
London, United Kingdom · www.camelotls.com
GPA Global 2022-09-19 - Secondary Buyout
Shenzhen, China · www.gpaglobal.net
Skyway Concession Company LLC 2022-09-12 - Add-on Acquisition
Chicago, Illinois · www.chicagoskyway.org
Kry 2022-07-21 - Venture
Stockholm, Sweden · www.kry.se
Spark New Zealand - Mobile Tower Business 2022-07-11 574M NZD Divestiture
, New Zealand
VerSe Innovation Pvt. Ltd. 2022-04-06 - Growth Capital
Bangalore, India · www.verse.in
Lendable Ltd. 2022-03-10 - Growth Capital
London, United Kingdom · www.lendable.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CareerBuilder, Inc. 2017-06-20 Broadbean Technology Ltd. 2023-05-31 4
Chicago, Illinois · www.careerbuilder.com London, United Kingdom · www.broadbean.com
BroadStreet Partners, Inc. 2012-02-07 Westland Insurance Group Ltd. 2023-04-17 2
Columbus, Ohio · www.broadstreetcorp.com Surrey, British Columbia · www.westlandinsurance.ca
RSA Security LLC 2020-02-18 Archer Technologies, LLC 2023-04-13 2
Bedford, Massachusetts · www.rsa.com Overland Park, Kansas · www.archerirm.com
Mitratech Holdings, Inc. 2021-05-18 The Infosoft Group LLC 2023-04-11 6
Austin, Texas · www.mitratech.com Milwaukee, Wisconsin · www.circaworks.com
Mitratech Holdings, Inc. 2021-05-18 Trakstar, Inc. 2023-04-11 5
Austin, Texas · www.mitratech.com Seattle, Washington · www.trakstar.com
APCO Holdings LLC 2015-11-17 National Auto Care Corp. 2023-01-03 2
Norcross, Georgia · www.apcoholdings.com Westerville, Ohio · www.nationalautocare.com
CareerBuilder, Inc. 2017-06-20 Workterra LLC 2022-10-11 3
Chicago, Illinois · www.careerbuilder.com Pleasanton, California · www.workterra.com
Veonet GmbH 2021-12-03 Miranza Inversiones Oftalmologicas, S.L. 2022-09-12 1
Munich, Germany · www.veonet-group.com Madrid, Spain · www.miranza.es
Mitratech Holdings, Inc. 2021-05-18 talentReef, Inc. 2022-08-10 4
Austin, Texas · www.mitratech.com Denver, Colorado · www.talentreef.com
TricorBraun, Inc. 2021-01-06 PB Packaging 2022-04-10 14
St. Louis, Missouri · www.tricorbraun.com Wetherill Park, Australia · www.pbpackaging.com.au

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (5%) 2.1B (9%) 12 (7%) 4.2B (8%)
Infrastructure 11 (11%) 3.7B (17%) 12 (7%) 3.7B (7%)
Healthcare Services 7 (7%) 89M (< 1%) 11 (6%) 89M (< 1%)
Consumer Products 3 (3%) - 10 (6%) 1.6B (3%)
Software 7 (7%) 1.6B (7%) 9 (5%) 5.6B (11%)
Consumer Services 5 (5%) - 8 (5%) -
Financial Services 6 (6%) - 8 (5%) -
Business Services 3 (3%) 5.2B (23%) 7 (4%) 5.2B (11%)
Utilities 6 (6%) - 7 (4%) 1.8B (4%)
Insurance 4 (4%) - 7 (4%) 1.2B (2%)
Internet Software and Services 5 (5%) - 6 (3%) 717M (1%)
Energy Services and Equipment 4 (4%) 3.5B (16%) 5 (3%) 3.5B (7%)
Packaging 4 (4%) 2.5B (11%) 5 (3%) 2.5B (5%)
Communications 2 (2%) 574M (3%) 4 (2%) 6.5B (13%)
Food 2 (2%) 500M (2%) 4 (2%) 500M (1%)
Manufacturing 1 (1%) - 4 (2%) 450M (1%)
Oil/Gas Exploration 1 (1%) - 4 (2%) 300M (1%)
Leisure 1 (1%) - 4 (2%) -
Renewable Energy 3 (3%) - 4 (2%) -
Real Estate 2 (2%) - 3 (2%) 865M (2%)
Life Science 2 (2%) - 3 (2%) 600M (1%)
Agriculture 3 (3%) - 3 (2%) -
Machinery 1 (1%) - 3 (2%) -
Retail - - 2 (1%) 4.3B (9%)
Publishing - - 2 (1%) 2.2B (5%)
Education 1 (1%) 1.2B (5%) 2 (1%) 1.4B (3%)
Metals/Mining 1 (1%) - 2 (1%) 588M (1%)
Apparel/Textiles - - 2 (1%) -
Gaming 2 (2%) - 2 (1%) -
Transportation - - 2 (1%) -
Electronics 1 (1%) 1.4B (6%) 1 (1%) 1.4B (3%)
Chemicals - - 1 (1%) 342M (1%)
Aerospace 1 (1%) - 1 (1%) -
Automotive 1 (1%) - 1 (1%) -
Beverages 1 (1%) - 1 (1%) -
Building Materials - - 1 (1%) -
Digital Media 1 (1%) - 1 (1%) -
Environmental - - 1 (1%) -
Franchising 1 (1%) - 1 (1%) -
Marine - - 1 (1%) -
Media - - 1 (1%) -
Plastics - - 1 (1%) -
Restaurants - - 1 (1%) -
Semiconductors 1 (1%) - 1 (1%) -
Staffing 1 (1%) - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 100 $22.3B 173 $49.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 34 (34%) 5.5B (25%) 72 (42%) 18.0B (36%)
  California 8 (8%) - 17 (10%) 5.6B (11%)
  Illinois 1 (1%) - 8 (5%) 550M (1%)
  Georgia 3 (3%) - 7 (4%) 760M (2%)
  New York 5 (5%) 1.4B (6%) 5 (3%) 1.4B (3%)
  Massachusetts 4 (4%) 2.1B (9%) 5 (3%) 3.8B (8%)
  Texas 2 (2%) 1.6B (7%) 5 (3%) 1.6B (3%)
  Ohio 2 (2%) 500M (2%) 4 (2%) 500M (1%)
  Pennsylvania - - 3 (2%) 1.7B (3%)
  Florida 2 (2%) - 2 (1%) -
  Missouri 2 (2%) - 2 (1%) -
  Tennessee 1 (1%) - 2 (1%) 840M (2%)
  North Carolina 1 (1%) - 2 (1%) 600M (1%)
  Colorado 1 (1%) - 2 (1%) 300M (1%)
  Connecticut - - 2 (1%) -
  Washington 1 (1%) - 1 (1%) -
  Idaho 1 (1%) - 1 (1%) -
  Wisconsin - - 1 (1%) 450M (1%)
  Alabama - - 1 (1%) -
  Utah - - 1 (1%) -
  New Jersey - - 1 (1%) -
Canada 15 (15%) 3.5B (16%) 26 (15%) 7.2B (14%)
  Ontario 9 (9%) 3.2B (14%) 15 (9%) 6.5B (13%)
  Alberta 3 (3%) 330M (1%) 6 (3%) 630M (1%)
  British Columbia 1 (1%) - 2 (1%) -
  Prince Edward Island 1 (1%) - 1 (1%) -
  Manitoba 1 (1%) - 1 (1%) -
  Quebec - - 1 (1%) -
United Kingdom 13 (13%) - 20 (12%) 5.1B (10%)
Australia 6 (6%) 4.9B (22%) 6 (3%) 4.9B (10%)
Germany 2 (2%) 5.2B (23%) 6 (3%) 5.5B (11%)
China 5 (5%) - 5 (3%) -
New Zealand 3 (3%) 663M (3%) 4 (2%) 2.9B (6%)
France 2 (2%) - 3 (2%) -
India 2 (2%) - 3 (2%) -
Singapore 2 (2%) - 3 (2%) -
Netherlands 1 (1%) 2.5B (11%) 3 (2%) 2.5B (5%)
Chile 2 (2%) - 2 (1%) -
Mexico 2 (2%) - 2 (1%) -
Spain 1 (1%) - 2 (1%) 2.5B (5%)
Italy 1 (1%) - 2 (1%) -
Brazil 1 (1%) - 2 (1%) -
Denmark 1 (1%) - 2 (1%) -
Antigua and Barbuda 1 (1%) - 1 (1%) -
Belgium 1 (1%) - 1 (1%) -
Finland 1 (1%) - 1 (1%) -
Ireland 1 (1%) - 1 (1%) -
South Korea 1 (1%) - 1 (1%) -
Portugal 1 (1%) - 1 (1%) -
Sweden 1 (1%) - 1 (1%) -
South Africa - - 1 (1%) 1.2B (2%)
Luxembourg - - 1 (1%) -
Norway - - 1 (1%) -
Domestic 15 (15%) 3.5B (16%) 26 (15%) 7.2B (14%)
Cross-border 85 (85%) 18.8B (84%) 147 (85%) 42.7B (86%)
Total 100 $22.3B 173 $49.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (27%) 10.4B (47%) 55 (32%) 15.6B (31%)
Buyout (LBO, MBO, MBI) 18 (18%) 1.5B (7%) 39 (23%) 4.4B (9%)
Growth Capital 12 (12%) - 18 (10%) -
Stake Purchase 15 (15%) - 17 (10%) 2.6B (5%)
Divestiture 8 (8%) 2.6B (12%) 15 (9%) 8.5B (17%)
Venture 13 (13%) - 14 (8%) -
Going Private 2 (2%) 3.8B (17%) 7 (4%) 13.9B (28%)
Recapitalization 1 (1%) - 3 (2%) -
Consolidation 2 (2%) 1.4B (6%) 2 (1%) 1.4B (3%)
Add-on Acquisition 1 (1%) 2.5B (11%) 1 (1%) 2.5B (5%)
Special Situations/Distressed - - 1 (1%) 760M (2%)
Acquisition Financing 1 (1%) - 1 (1%) -
Total 100 $22.3B 173 $49.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 19 (28%) 6.1B (16%)
Trade Sale - Public Company 14 (21%) 23.8B (61%)
Trade Sale 14 (21%) 7.6B (19%)
IPO 12 (18%) -
Merger 4 (6%) -
Bankruptcy 2 (3%) -
Divestiture 1 (1%) 1.3B (3%)
Sold to Management 1 (1%) -
Stake Sale 1 (1%) -
Total 68 $38.8B

Top M&A Advisors

Financial Deals
TD Securities
 3
Evercore Group LLC
 3
BMO Capital Markets
 2
Legal Deals
Torys LLP
 5
Weil Gotshal & Manges LLP
 5
Kirkland & Ellis
 4

Deal Values

buy # Total
> $1B 17 $40.9B
$100M to $1B 16 $8.8B
< $100M 2 $135M
TOTAL $49.9B
Largest Techem GmbH
$5.2B (2018-05-25)
sell # Total
> $1B 12 $32.8B
$100M to $1B 10 $6.0B
TOTAL $38.8B
Largest Grupo Corporativo ONO S.A.
$8.1B (2014-03-17)

M&A Connections

Deals
Acquired from
Investor(s)
35%
60 (35%)
Strategic(s)
9%
16 (9%)
Exited to
Investor(s)
29%
20 (29%)
Strategic(s)
49%
33 (49%)

Investor Summary

Investor Type

Pension

Size

Mega

PE Assets

242.5B USD

Established

1990

Specialist/Generalist

Generalist

Leadership

Jo Taylor

President & CEO

Tim Deacon

CFO

Ziad Hindo

CIO

Stephen McLennan

Executive Managing Director

Ben Chan

Executive Managing Director, Asia-Pacific

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