December 17, 2015
TORONTO - Ontario Teachers' Pension Plan (Ontario Teachers') today announced that BayBridge Seniors Housing Inc.(BayBridge), a wholly owned subsidiary, has completed the previously announced acquisition of Amica Mature Lifestyles Inc. (Amica). Terms of the transaction are consistent with the September 2, 2015, agreement under which shareholders of publicly listed Amica were offered cash payments for their shares.
BayBridge is an innovative owner and operator of seniors residences, offering a range of living options. With this transaction, led by Ontario Teachers' Private Capital group, BayBridge has acquired Amica's 25 luxury seniors residences in Alberta, British Columbia and Ontario, and will continue to operate them under the Amica brand.
Following this transaction BayBridge Seniors Housing, together with its management company BayBridge Senior Living, owns, operates or has a vested interest in 59 fully operational senior living communities in Ontario, BC and Alberta. BayBridge also has six communities under construction and additional sites in development. BayBridge communities operate under various brand names that offer a range of resident-centered, flexible and personalized senior living options including Independent Living, Assisted Living and Memory Care.
"We are pleased to be backing the strong management team at BayBridge to expand the business," said Jane Rowe, Senior Vice-President, Private Capital. "BayBridge has excellent potential to succeed in a growing market and will provide steady cash flow over a long-term horizon that will help us to pay member pensions."
"The combination of BayBridge and Amica will create Canada's premier senior living company," said Doug MacLatchy, CEO of BayBridge. "There is an excellent fit in the services offered and the market locations of the two companies, with a shared focus on resident satisfaction. This transaction demonstrates Teachers' commitment to BayBridge and the senior living sector."
About Ontario Teachers'
The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with $154.5 billion in net assets at December 31, 2014. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.2% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East and Africa region office is in London. The plan, which is fully funded, invests and administers the pensions of 311,000 active and retired teachers in the province of Ontario. For more information, visit otpp.com and follow us on Twitter @OtppInfo.