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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.