TORONTO, Oct. 13, 2014 /CNW/ - The Ontario Teachers' Pension Plan (Teachers') today announced an agreement to acquire Bridon Limited (Bridon), a global leader in the manufacture of wire rope, from Melrose Industries PLC.
The transaction, led by Teachers' Private Capital (TPC), values UK-based Bridon at £365 million (approximately $656 million), subject to customary adjustments, and is expected to close by the end of 2014 (subject to receipt of required regulatory approvals).
Headquartered in Doncaster, Bridon operates manufacturing units worldwide, along with technical and sales offices, supported by a global network of agents and distributors. The company's mission-critical products provide solutions to technically demanding challenges in industrial, mining, oil and gas extraction, marine and other specialized areas of engineering.
"Bridon is an established innovator in the manufacturing sector. We look forward to working with the company's proven management team to continue growth and pursue new opportunities," said Jane Rowe, Senior Vice-President of TPC.
"We are extremely pleased to have Teachers' invest in our company. Its support and experience will provide a strong base for our future," said Jonathan Templeman, CEO of Bridon.
TPC activities include leading deals on a sole or partnered basis, investing in private equity funds and co-investing with other like-minded private equity funds. TPC manages a global portfolio valued at approximately $14.8 billion.
With $140.8 billion in net assets as of December 31, 2013, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the defined benefit pensions of 307,000 active and retired teachers in Ontario. For more information, visit www.otpp.com. Follow us on Twitter @OtppInfo
SOURCE: Ontario Teachers' Pension Plan
For further information: Deborah Allan, Vice-President, Communications, (416) 730-5347, [email protected]