CANADA - A consortium led by the Ontario Teachers' Pension Plan (OTPP) has bought US aluminium container manufacturer Exal Group.
The purchase - for an undisclosed sum - was made by Teachers' Private Capital (TPC), the plan's private equity arm.
It is the latest in a clutch of acquisitions made by the C$87bn (US$87bn) pension scheme, which only two weeks ago beat private equity firm CVC Capital Partners to win the UK's national lottery operator Camelot for its private equity portfolio. (Global Pensions, March 26, 2010)
Exal produces some 1.3 billion containers a year, primarily for multinational consumer packaging customers in the household products, personal care, and beverage industries.
"We believe that with Exal's international operations and strong, diverse client base, the company will benefit from our ability to support identified future growth opportunities in both established and emerging markets," said TPC senior vice-president Erol Uzumeri.
TPC's current investments include sports firm Maple Leaf Sports and Entertainment and US based mattress-maker Simmons.
OTPP has increasingly bypassed secondary funds to take charge of investments themselves, especially in the infrastructure arena.
This has allowed the plan to have greater control of their holdings and also reduce costly external manager fees. (Global Pensions, October 30, 2009)
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.
The UK Statistics Authority's (UKSA) "refusal" to fix a long-standing error in the retail prices index (RPI) is "untenable" and demonstrates a need to commit to one measure of inflation.
Tim Sharp warns the DWP's plans for collective DC risk establishing an inhospitable environment for the lay trustee
This week's edition of Professional Pensions is out now.