Ontario Teachers’ Pension Plan is adding to its industrial and energy portfolio through the acquisition of Aurora Plastics Inc.
Founded in 1997, Aurora Plastics produces custom rigid polyvinyl chloride powders, pellets, foams and alloys for small-and medium-sized manufacturers and has facilities in Ohio and North Carolina. The Teachers’ plan is acquiring the company in partnership with Chicago-based private equity firm Wind Point Partners.
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“The company is a market leader with best-in-class products and growth potential, and we have excellent and proven partners in Wind Point Partners and their executive advisor Mike Fitzpatrick, who have strong expertise in this sector,” said Jane Rowe, senior vice-president of private capital at the Teachers’ plan, in a news release.
“In addition to being known for its high-quality products, under the previous owners and current management, Aurora also has built a stellar reputation in the industry for its technical expertise and customer service.”
The pension plan isn’t releasing the terms of the transaction.
In other pension fund news, the Canada Pension Plan Investment Board has announced the investment of US$280 million in convertible preferred equity shares of the parent company of Advanced Disposal Services Inc.
The fourth-largest solid waste company in the United States, Advanced Disposal serves customers across 16 states and the Bahamas.
“We see this as an attractive opportunity to become a key long-term investor in Advanced Disposal, a market leader in the U.S. waste industry with strong integrated operations and a solid track record of growth,” said Scott Lawrence, managing director and head of relationship investments at the CPPIB, in a press release.
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“We are delighted to work with Advanced Disposal’s management team, who have extensive industry experience along with a strong focus on customer service and safety, as well as majority owner Highstar Capital.”
Founded in 2001, the company was to have an initial public offering in February, but volatile market conditions put the move on hold, according to Reuters.