Realizing Value

Private Capital and our private equity fund partners have helped many of today's best known business success stories grow and create value.

Below, we provide brief overviews and links to the websites of selected investee companies – past and present . These links should not be construed as an endorsement by Ontario Teachers' of the services, products or information provided on the linked sites. We assume no liability or responsibility for the content, accuracy or appropriateness of the links or of any material contained on the linked sites.

 

Portfolio Highlights

Current Company Investments

24 Hour Fitness is a leading player in the fitness club industry, serving nearly 4 million members in more than 400 clubs across the United States.

Aircastle is a global company that acquires, leases and sells commercial jet aircraft to customers throughout the world. As of September 30, 2013, Aircastle's aircraft portfolio consisted of 161 aircraft and had 68 lessees located in 37 countries. Ontario Teachers' owns a minority stake in the public company consisting of 6.9 million shares.

BRG Sports is a leading designer, developer and marketer of sports equipment. The company's brand names include Bell, Riddell and Giro.

BroadStreet Partners is an insurance brokerage company which operates through a diverse group of premier regional insurance agencies. Based in Columbus, Ohio, BroadStreet is focused on the middle-market retail insurance brokerage industry in both commercial and personal P&C insurance. With its partner agencies, BroadStreet ranks among the top insurance agencies in the U.S.

Burton's Biscuits is a major UK biscuit manufacturer, with 2,200 employees producing quality branded and own-label biscuits and snacks from its three main facilities. The company's iconic brands include Maryland, Jammie Dodgers, Wagon Wheels and Cadbury biscuits under a perpetual licence.

Busy Bees is the largest childcare provider in the U.K. The company was founded in 1983 and currently operates 225 nurseries, with 7,000 staff providing quality care for 20,000 children.

Camelot Group PLC holds an exclusive licence to operate the U.K. National Lottery. Camelot manages the National Lottery in Britain, designs new games, develops the marketing for lottery products and runs the network that sells the tickets. In the last 20 years, the UK National Lottery has generated more than
£32 billion to benefit good causes.

Canada Guaranty Mortgage Insurance Company   was created when Ontario Teachers' partnered with Stephen Smith, co-founder of First National Financial, to acquire and rebrand AIG United Guaranty Mortgage Insurance Company Canada. As the only Canadian-owned private mortgage insurance company, Canada Guaranty aims to benefit lenders, mortgage professionals and consumers by fostering a competitive market dynamic and creating new choice among providers.

Canbriam Energy Inc. is a private company focused on unconventional resource exploration and development. Headquartered in Calgary, Alberta, the Canbriam team includes E&P professionals with proven track records of identifying and exploiting large scale unconventional reservoirs, one of the most significant supply growth areas for North American energy. Canbriam is focused on the prolific Northeast British Columbia Montney gas fairway with 60,270 net acres and a growing base of liquids-rich production.

CSC Service Works is the market-leading multi-family laundry service provider and the largest purveyor of pay air services for automobile tire inflation in North America.

 

Exal Group is the largest specialty manufacturer of aluminum containers in the world, operating out of four facilities in the United States, Argentina and Switzerland. Exal produces containers for multinational consumer products customers in the household products, personal care and beverage industries.

An industry leader in merchant services, First American Payment Systems is ranked as one of the top privately-owned merchant acquirers in the United States, and is one of the only merchant acquirers in the industry to truly own and operate all of its core products and services. First American is headquartered in Fort Worth, Texas.

Flexera Software provides strategic application usage management solutions for application producers and their enterprise customers. It helps businesses manage application usage with solutions ranging from software installation and licensing, entitlement management and software delivery to application readiness and enterprise license optimization.

Flynn Restaurant Group is the largest restaurant franchisee in the United States and one of the 50 largest foodservice companies of any kind. With over 470 Applebee's and 170 Taco Bell restaurants, FRG has a presence in 27 states.

Hawkwood Energy LLC is a US-based E&P start-up focused on the development of oil and gas resources in the Rockies and Mid-Continent regions. The company's management team has a proven track record of value creation and brings significant expertise in geoscience, reservoir engineering, land & project management and corporate finance. Hawkwood's strategy is focused on the identification and de-risking of new oil and gas plays as well as the application of modern technology to existing fields with untapped potential.

Heartland Dental, LLC is the largest dental support organization in the United States with more than 675 supported dental offices located within 31 states. Based in Effingham, Illinois, Heartland Dental supports over 1,000 dentists and 8,000 team members by offering continuing professional education and leadership training along with a variety of non-clinical administrative services including staffing, human resources, supply procurement, administration, financial, marketing and information technology.

Imperial Parking Corporation ("Impark") is one of the largest parking management companies in North America, operating over 2,000 parking facilities, consisting of over 400,000 spaces in 25 markets across Canada and the United States. Impark is a market leader with a track record of consistent financial performance and a reliable income stream. Impark provides us with the ability to grow in this industry both organically and through acquisition.

Lancaster Aircraft Leasing L.P. was established in December 2013 by OTPP and Aircastle Ltd. as a joint venture investment vehicle that acquires and leases passenger aircraft to airlines globally. The joint venture ownership structure is 70% Ontario Teachers' and 30% Aircastle with services provided by Aircastle pursuant to a services agreement.

Lowell is the UK market leader in the acquisition of portfolios of non-performing consumer debt. Lowell benefits from its sophisticated data management technologies, which provide the business with a clearly differentiated competitive position in both portfolio acquisition and collections. The company is committed to taking a fair, sensitive and ethical approach to debt recovery.

Munchkin  is a designer and marketer of innovative and high-quality products for babies and toddlers.

NXT Capital provides structured financing solutions to middle-market companies and real estate investors through its Corporate Finance, Equipment Finance and Real Estate Finance groups. Based in Chicago with offices in Atlanta, Charlotte, Dallas, Kansas City, Los Angeles, Minneapolis/St. Paul, New York, Phoenix, San Francisco and Stamford, NXT Capital targets senior financing opportunities of up to $150 million with a hold size up to $50 million.

PhyMed Healthcare Group provides outsourced anesthesiology, pain management and critical care services to hospitals and ambulatory surgery centres. PhyMed is headquartered in Nashville, Tennessee.

Plano Molding Company, Inc. is recognized as the leading brand in fishing and fall sports markets in the U.S. The company has a dominant market share in tackle boxes, bait storage, gun cases, archery cases, and ice fishing products. It also produces cases for cosmetics, tools and crafts, as well as storage containers and shelving for home and office.

PODS Enterprises, Inc. ("PODS") is a leader in the moving and storage industry providing both residential and commercial services in 46 U.S. states, Canada, Australia and the UK. Founded in 1998, PODS pioneered the portable moving and storage industry. To date, the PODS network has completed more than 500,000 long‐distance moves, exceeded 2 million deliveries and has more than 150,000 PODS containers in service.

Premier Lotteries Ireland Limited ("PLI") holds an exclusive licence to operate the Irish National Lottery. PLI manages the National Lottery in Ireland, designs new games, develops the marketing for lottery products and runs the network that sells the tickets. The Irish National Lottery has distributed €7 billion in prize money over the last 27 years while raising a total of €4.4 billion to benefit good causes.

SeaCube Container Leasing Ltd. is one of the world's largest container leasing companies based on total assets. SeaCube's principal activities include the acquisition, leasing, re-leasing and subsequent sale of refrigerated and dry containers and generator sets. SeaCube leases containers primarily under long-term contracts to a diverse group of the world's leading shipping lines.

Shearer's Foods is the largest manufacturer of private label salty snacks and kettle cooked potato chips in North America. Headquartered in Massillon, Ohio, Shearer's business is organized into contract manufacturing, private label, and branded products segments.

TierPoint, LLC, is a leading national provider of information technology and data center services, including colocation, cloud computing and managed IT services, with corporate headquarters in St. Louis, Missouri. TierPoint was formed in 2010 through the strategic combination of some of the country's most respected and innovative data centers and IT solution providers.

Selected Realized Transactions

Almatis

Sector: Diversified

In 2003, we participated with Rhône Group in the corporate spinout of Alcoa Inc.'s specialty chemicals division, which was subsequently renamed Almatis. We supported Almatis' expansion plans to become a stand-alone global business that was well positioned to meet its customers' demands. We sold our interest in 2007 to a private equity buyer.

Blue Coat Systems

Sector: Technology, Media & Telecommunications

In 2012, we participated in the take-private transaction of Blue Coat Systems, a leading provider of web security and WAN optimization solutions. Investing alongside our partner, Thoma Bravo, the take-private transaction allowed Blue Coat to restructure its go-to-market operations and positioned the company for growth. The company was sold in 2015 to a private equity buyer.

Doane Pet Care Enterprises

Sector: Consumer & Retail

In 2005, we led the buyout of Doane Pet Care, the largest private label and third-party manufacturer of pet food in North America. We purchased Doane (in a limited and informal auction) because of its intricate distribution capabilities and strong management team. In 2006, Doane was sold to Mars Inc., one of Doane's largest customers and one of the largest manufacturers and distributors of pet food in the world.

GCAN Insurance Company

Sector: Financial Services

In 2005, we led the buyout of GCAN, a Canadian property and casualty insurance company focused on the commercial and industrial segments. We supported GCAN's expansion into commercial specialty lines and in 2011 GCAN was sold to RSA Canada, a large Canadian property and casualty insurer.

GNC

Sector: Consumer & Retail

In 2007, we co-led the buyout of General Nutrition Centers alongside our partners, Ares. GNC is the largest global specialty retailer of nutritional supplements. We supported GNC's growth strategy by enhancing their branded product portfolio, developing an e-commerce platform and expanding to into new geographies like China. In 2011, GNC was listed on the NYSE and we ultimately sold down our remaining interest in 2012.

ISS Group

Sector: Diversified

In 2016 we sold our stake in the ISS Group after holding it since 2012, when we co-invested in the company with KIRKBI Invest A/S. The ISS Group offers a wide range of services such as: cleaning, catering, security, property and support services as well as facility management in more than 50 countries. Throughout our investment in the ISS Group, one of the world's leading facility services companies, we supported its expansion into both developed and emerging markets, leveraging our international network.

Maple Leaf Sports & Entertainment

Sector: Technology, Media & Telecommunications

Maple Leaf Sports & Entertainment, Canada's largest sports enterprise, owns and operates four professional sports franchises (Toronto Maple Leafs National Hockey League team, Toronto Raptors National Basketball Association team, Toronto FC Major League Soccer team and Toronto Marlies American Hockey League team). It also owns the Air Canada Centre in Toronto, as well as broadcasting operations, retail and real estate developments. MLSE was one of Ontario Teachers' longest standing and most successful investments. We sold our 79.53% ownership stake and received the $1.32-billion purchase price in August 2012.
An infographic of Teachers' ownership history is available here.

Osprey Media Group 

Sector: Technology, Media & Telecommunications

We were one of the founding equity investors in the creation of the Osprey Media Group, a management-led buyout of 31 community publications from Hollinger Canadian Newspapers in 2001. We provided additional financing for the subsequent acquisition of publications from Canwest Global Communications to form one of the largest community newspaper companies in Canada. Osprey Media Income Fund was taken public in 2004 and was acquired in 2007 by Quebecor Media.

Samsonite

Sector: Consumer & Retail

In 2003, we participated in the recapitalization of Samsonite, one of the world's largest manufacturers and distributors of travel luggage. Investing alongside our partners, Ares Corporate Opportunities Fund and Bain Capital (Europe), the recapitalization allowed Samsonite to deleverage its balance sheet and positioned the company for growth. The company was sold in 2007 to a private equity buyer.

Worldspan

31.96 Sector: Business Services

In June 2003, we partnered with CVC to purchase Worldspan, a provider of electronic global distribution and information technology services to the travel industry. We supported significant cost reduction initiatives and the revitalization of the management team. In December 2006, Worldspan merged with Travelport Inc.

Yellow Pages Group

Sector: Technology, Media & Telecommunications

In 2002, we participated in one of the largest buyouts in Canadian history, the $3-billion acquisition of Yellow Pages telephone directories business with KKR. We subsequently supported the company in its own acquisitions including the Canadaplus.ca city sites network and SuperPages in western Canada, which created a national platform for Yellow Pages' directory business. The company later converted to an income trust.

 

Jane Rowe
Jane Rowe
  • Senior Managing Director, Private Capital