US/CANADA — The private investment arm of Ontario Teachers' Pension Plan (OTPP) and Ares Management are to acquire General Nutrition Centers (GNC) in a deal worth US$1.65bn.
GNC is the largest global specialty retailer of nutritional products, which generated sales of approximately $1.5bn for the 12 months ending September 30, 2006.
The GNC deal is the latest in a string of acquisitions by OTPP, which included the $2.4bn purchase of four marine container terminals in North America and a $850m consortium purchase of South African glass manufacturer Consol.
The $85bn fund also announced plans late last year to buy Dynea North America, although financial details of the agreement were not released.
Speaking about the GNC deal, Jim Leech, senior VP of OTPP private investment arm Teachers’ Private Capital, said: “The opportunity to acquire GNC complements our growing portfolio of consumer brands. We are excited to… continue to grow the brand.”
Ares Management is a private investment firm with approximately $12bn of assets under management. Both they and Teachers’ Private Capital were represented by Proskauer Rose for the deal.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.
This week's edition of Professional Pensions is out now
Collective defined contribution (CDC) schemes will need clear and transparent governance frameworks, as well as effective communication strategies, to be a success, the Work and Pensions Committee (WPC) has been told.
The aviation sector's constant evaluation of mistakes to improve safety should be applied to defined benefit schemes, as too many are making the same mistakes again and again, latest research shows.