Ontario Teachers’ Pension Plan Board, has agreed to acquire a majority stake in Vantage Elevator Solutions, a North American designer, manufacturer and distributor of elevator components and systems. As part of the transaction, Vantage’s current owner, Golden Gate Capital, will retain a significant minority ownership stake in the company. Terms of the transaction are not being disclosed.
“We are thrilled to acquire a majority stake in Vantage. The company has a strong portfolio of brands and solid market position among elevator components manufacturers,” said Karen Frank, senior managing director, Equities at Ontario Teachers’. “We are attracted to the strong resilience of the sector, as well as the growth potential in this segment. We look forward to partnering with CEO Ron Cauchi, the Vantage management team and Golden Gate Capital to support the business as it enters its next stage of growth.”
“We are excited about this new partnership with Ontario Teachers’. The company’s strong track record investing in leading diversified industrial businesses along with its active approach to value creation make it a perfect fit for us,” said Ron Cauchi, president and CEO at Vantage. “I want to thank Golden Gate Capital for their valued partnership since 2017 and am glad that they will remain a part of our ownership group as we continue to grow our business in the years to come.”
“We have enjoyed a highly productive partnership with the talented Vantage team over the past four and a half years and look forward to continuing to support the company alongside Ontario Teachers’ moving forward,” said Felix Lo, a managing director at Golden Gate Capital. “Since our initial investment in 2017, Vantage has driven exceptional growth through five strategic acquisitions and a successful rebranding, while maintaining its over 90-year legacy of delivering superior products and outstanding service to its large base of longstanding customers.”
Harris Williams LLC served as lead financial advisor, Baird served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Nob Hill Law Group PC served as legal advisors to Vantage and Golden Gate Capital. RBC Capital Markets LLC served as the financial advisor and Weil, Gotshal & Manges LLP served as the legal advisor to Ontario Teachers’.