The Ontario Teachers’ Pension Plan and other principal shareholders in Samsonite have agreed to sell their interest in the luggage maker.

CVC Capital Partners is acquiring the firm for US$1.7 billion—including the assumption of debt—from Teachers’, Ares Management, and Bain Capital who collectively own 85% of Samsonite’s common stock.

The transaction is expected to close during the fourth quarter.

The deal comes just a few days after a consortium led by Teachers’ won the battle to take BCE private.

Private equity has grown to become a major asset class for pension funds over the last few years. Click here to read our special section, The Rise of Private Equity.

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