CANADA - The Ontario Teachers' Pension Plan (OTPP) has acquired US-based Acquilex Holdings, a maintenance, cleaning and repair company for the oil refining, fossil power, nuclear, petrochemical and waste-to-energy industries, for an undisclosed sum.
The transaction was completed by Teacher's Private Capital, the CA$18bn private equity and venture capital arm of the $108bn fund.
Erol Uzumeri, senior vice-president, Teachers' Private Capital commented: "With its market leadership position, revenue and cash flow stability, strong margins and robust growth prospects, Aquilex represents an attractive investment opportunity and fits well with Teachers' Private Capital's investment criteria.
"The company has a consistent and successful track record of building shareholder value, and Teachers' is well-positioned to support its growth initiatives."
OTPP said it felt the firm would be somewhat insulated from the economic hardships affecting wider markets and added the opportunity represented the chance to leverage the balance sheet strength while the ability of many organisations to raise capital was uncertain.
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