The Ontario Teachers’ Pension Plan has upped its stake in a large French provider of funeral services.
On Wednesday, the plan announced its acquisition of a 33 per cent stake in Paris-based OGF from Pamplona Capital Management LLP would bring its total share in the company to 74 per cent. Teachers’ had bought the earlier 41 per cent stake from Pamplona in 2015.
OGF, founded more than 170 years ago, has a network of 1,100 branches, 550 funeral homes and 72 crematoria.
“OGF’s stable long-term growth profile and proven track record fits Ontario Teachers’ investment mandate perfectly,” said Jean-Charles Douin, director for Europe, the Middle East and Africa for Ontario Teachers’ private capital team. “Since 2015, we have supported the business’s organic and acquisitive growth, while it has continued to improve financial and operational performance.”
OGF’s funeral products include burial and cremation services, monuments and cemetery works, pre-need insurance contracts and coffin manufacturing. The parties didn’t disclose the terms of the transaction.