Canada Pension Plan Investment Board has invested $350 million in Advanced Drainage Systems Inc. (NYSE: WMS), through the purchase of shares in a secondary transaction, increasing its total ownership stake in the company to 4.6%.

ADS is a provider of water management services in the stormwater and on-site septic wastewater industries for use in the construction and agriculture marketplace. Founded in 1966, Ohio-based ADS operates a global network of approximately 60 manufacturing plants and 30 distribution centers.

“ADS represents the opportunity to invest in a high-quality operator that is a leader in its field,” said Michael Koen, managing director, head of relationship investments, CPP Investments. “The company’s strong competitive positioning and runway for growth make it a good fit for our investment strategy.”