News Briefs: Recent investments
August 21, 2014
Have you ever used an ATM machine to withdraw money from your bank account? Or maybe a countertop credit card terminal to pay for an item at your favourite store? Chances are, one of these payment solutions is now owned by Teachers'. In July, we acquired one of the leading electronic payment processing services, First American Payment Systems. The company provides electronic transaction processing services for more than 140,000 merchants throughout Canada and the United States.
Through the acquisition, we will help take the Fort Worth, Texas company to new heights, exploring opportunities to drive the next phase of its growth through organic expansion and strategic acquisitions.
Having a difficult time deciding on a restaurant where you can grab a quick bite to eat? Now that we are majority owners of Flynn Restaurant Group, you may choose to dine at a Teachers'-owned restaurant. Flynn Restaurant Group has grown to become the largest restaurant franchisee in the United States, owning 470 Applebee's and 170 Taco Bell restaurants generating $1.4 billion in annual sales. With our recent $300 million investment, the restaurant group will look at enhancing resources to continue to grow through existing restaurant revitalizations, new restaurant development and potential new acquisitions.
The friendly skies
We are always interested in investments with forward-thinking partners who have a strong global footprint. Most recently, we entered a strategic partnership with GE Aviation to support the development of advanced technologies for the GE9X engine, which will power Boeing's new 777X aircraft. The advanced technology in this engine is expected to lower fuel consumption by about 10% over the GE90-115B engine.
In connection with this partnership, we entered into an inaugural transaction with the Development Bank of Japan, establishing a global relationship based on providing innovative financing.