Teachers' Private Capital acquires Aquilex, U.S.-based industrial cleaning, repair service company

    TORONTO, Oct. 6 /CNW/ - Teachers' Private Capital, the private investment
arm of the Ontario Teachers' Pension Plan (Teachers'), has entered into a
definitive purchase agreement to acquire U.S.-based Aquilex Holdings, LLC
(Aquilex) from Harvest Partners, a private investment firm. The transaction is
scheduled to close in December and is subject to regulatory approvals.
    "With its market leadership position, revenue and cash flow stability,
strong margins and robust growth prospects, Aquilex represents an attractive
investment opportunity and fits well with Teachers' Private Capital's
investment criteria," said Erol Uzumeri, Senior Vice-President, Teachers'
Private Capital. "The company has a consistent and successful track record of
building shareholder value, and Teachers' is well positioned to support its
growth initiatives."
    Teachers' provided committed financing for the entire purchase price and
subsequently received a third party commitment for the senior financing. "We
are confident that the operations of Aquilex will be insulated from the recent
challenges affecting the financial markets," Mr. Uzumeri noted. "We feel that
this is a unique opportunity to leverage Teachers' balance sheet strength
during a period of capital-raising uncertainty."
    "Management is excited to have Teachers' on board and we look forward to
working together to further increase Aquilex's long-term value," said Bill
Varner, Aquilex's CEO. "Our operational and financial performance have shown
strong momentum and with Teachers' support, we anticipate continued success."
    Aquilex is the leading provider of mission-critical and routine
maintenance, repair and industrial cleaning services to the oil refining,
fossil power, nuclear, petrochemical and waste-to-energy industries. The
company had 2007 revenues in excess of US$550 million. It is headquartered in
Atlanta, Georgia and has approximately 5,000 employees in locations across the
United States and Europe.
    Teachers' advisors on the transaction included Morgan Stanley, who acted
as M&A advisor, and Sullivan & Cromwell LLP who provided legal advice. Harris
Williams & Co. advised Aquilex on the transaction.

    About Teachers' Private Capital

    With $18 billion in invested and committed capital, Teachers' Private
Capital is one of the world's largest private equity investors. It is the
private investment arm of the $108.5-billion Ontario Teachers' Pension Plan,
the largest single-profession pension plan in Canada. The Ontario Teachers'
Pension Plan is an independent corporation responsible for investing the fund
and administering the pensions of Ontario's 278,000 active and retired

For further information:

For further information: Deborah Allan, Director, Communications and
Media Relations, Ontario Teachers' Pension Plan, (416) 730-5347,

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