The Ontario Teachers’ Pension Plan will sell its majority stake in the world’s biggest manufacturer of commercial laundry equipment, Alliance Laundry Systems.
After the transaction is completed later this year, Teachers’ is expected to retain a minority interest in the company, which produces commercial washing machines, dryers and ironers.
Teachers’ is selling its stake to BDT Capital Partners, a Chicago-based investment firm.
Additional terms of the deal were not disclosed.
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Teachers’ Private Capital, the private equity group of Teachers’, acquired Alliance in January 2005. During its ownership, Alliance expanded its operations outside North America, to Europe, the Middle East, Africa and Latin America.