The Ontario Teachers’ Pension Plan is acquiring the parent company of a Canadian reverse mortgage provider.
The pension fund is buying HomeQ Corp., which owns the HomeEquity Bank, from Birch Hill Equity Partners Management Inc. and several minor shareholders. While the financial details of the acquisition weren’t disclosed, a press release noted it’s part of the Ontario Teachers’ focus on Canadian financial services businesses.
“We look forward to supporting HomeEquity Bank’s growth and believe in its incredible potential,” said Jeff Markusson, senior managing director of financial services at the Ontario Teachers’, in the release. “They have impressive growth prospects, a compelling value proposition, a high-quality management team and share our vision of enhancing the lives of retired Canadians.”
In other news, the Ontario Municipal Employees’ Retirement System is providing financing to a Swedish firm developing and manufacturing lithium-ion batteries for electric vehicles.
As part of a $1.1-billion financing round, Northvolt issued convertible notes to a number of institutional investors, including the OMERS and the Arbejdmarkedets Tillaegs Pension, Denmark’s largest public sector pension investment organization.
This isn’t the first time the OMERS’ has backed the battery producer. In 2012, it was the co-lead investor of a funding round for Northvolt that raised US$2.75 billion.