The Ontario Teachers’ Pension Plan is entering into an agreement to buy a bank that offers reverse mortgage solutions.
The acquisition of HomeQ Corp., the parent company of HomeEquity Bank, from Birch Hill Equity Partners Management Inc. and other minority shareholders, is subject to regulatory approvals, which are expected to take place in the first half of 2022.
“HomeEquity Bank is an excellent fit for our growing portfolio of leading financial services firms,” said Karen Frank, senior managing director of equities at the Ontario Teachers’, in a press release. “We believe the company has a high-quality management team, a solid value proposition for consumers and room to grow their business given Canada’s aging population, as well as the increased attractiveness of staying in your own home as you age.”
Read: Caisse invests in health-care company, Ontario Teachers’ in Chinese microfinance firm
In other investment news, the British Columbia Investment Management Corp. is signing an agreement with global private investment firm Searchlight Capital Partners for a strategic investment in a U.S.-based media operator.
Adams Outdoor Advertising is a family-owned business that promotes the power of outdoor advertising. It operates in local markets across Illinois, Michigan, North and South Carolina, Pennsylvania, Virginia and Wisconsin.
“Our investment in Adams aligns with BCI’s long-term investment approach of investing in stable industries that provide compelling risk-adjusted returns for our pension plan and insurance fund clients,” said Dave Hong, senior managing director of private equity at BCI, in a press release.
Read: IMCO closes three private equity fund commitments at $1BN
And the Caisse de dépôt et placement du Québec is acquiring a significant stake in ICR Inc., a global strategic communications and advisory services company.
The Caisse will join existing shareholders Investcorp, a global provider and manager of alternative investment products, and ICR team members with the aim to continue the company’s growth and expansion, according to a press release. ICR provides services across investor relations; public relations; transaction advisory, governance/environmental, social and governance; and digital branding.
“ICR has created a remarkable value proposition for companies and their leadership teams thanks to its unique portfolio of services, high-quality network and the distinctive profile of its client-facing teams who possess deep industry and capital markets knowledge,” said Martin Laguerre, executive vice-president and head of private equity and capital solutions at the Caisse, in the release.
“This provides ICR a unique advantage to align strategic communications and transaction advisory among all stakeholders. CDPQ is excited to join forces with Investcorp and ICR’s team to further propel the company’s growth.”
Read: Caisse regrouping private equity activity under Charles Émond