The Ontario Teachers’ Pension Plan is acquiring a Spain-based funeral services company.
On Monday, investment manager 3i Group announced it was selling Memora Funeral Services to Ontario Teachers’ for $170 million. The company has 115 parlours, 24 crematoriums, 13 cemeteries and 91 retail outlets in southwestern Europe.
“Memora presents a unique opportunity to invest in a sector we have extensive experience in and fits our investment mandate perfectly. By partnering with the market leader, we will build on Memora’s strong business foundations and grow its geographical footprint, while supporting the delivery of a best in class customer relations model,” said Jo Taylor, senior managing director, international, at Ontario Teachers’.
The move follows Ontario Teachers’ move to acquire a 33 per cent stake in another European provider of funeral services, Paris-based OGF, this spring. The acquisition brought its total stake in OGF to 74 per cent.
Read: Ontario Teachers’ ups stake in French funeral company
In other investment news, Ontario Teachers’ and the infrastructure arm of the Ontario Municipal Employees Retirement System have reached a deal to sell a British rail link known as High Speed 1 to a consortium of funds managed by InfraRed Capital Partners Ltd. and Equitix Investment Management Ltd.
High Speed 1 operates and maintains a British high-speed rail line as well as four stations on its route.
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“We are proud of the successes that [High Speed 1] has achieved since our acquisition in 2010,” said Ralph Berg, executive vice-president and global head of infrastructure at OMERS Private Markets. “The business has become a reference point for the quality and reliability of its service. We are confident that [the link] will continue to excel under its new ownership. We remain strongly committed to the U.K. and continue to see opportunities to invest in infrastructure assets — whether in the U.K., or in other key markets.”
High Speed 1’s main customers include the London & South Eastern Railway Ltd. and Eurostar International Ltd.
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The rail link “has delivered significant economic benefits to the U.K. and has enabled the regeneration of a number of areas along the route. We are confident that [High Speed 1] will continue to prosper under its new ownership, while Ontario Teachers’ remain committed to the U.K. as an attractive destination for future investment,” said Taylor.
“The government’s approach to the concession agreement partnership with the international investment community reflects an excellent model for infrastructure opportunities moving forward.”