Ontario Teachers' Pension Plan
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Ontario Teachers, jointly sponsored by the Government of Ontario and the Ontario Teachers' Federation, was founded in 1990 to deliver pension benefits to its members for life. Ontario Teachers is one of the world's largest institutional investors.[1]:4
Ontario Teachers was initially funded by the $18.5bn held in govt bonds for the benefit of teachers' pensions. The plan has grown by ~10 times since then, and holds ~CA$189.5bn in assets around the world.[1]:4 Notably, OTPP's members live longer than the general Canadian population.[1]:32
Business segments are broadly divided into the following categories:
- Public Equity: publicly traded equities.
- Private Equity: non-publicly traded equities.
- Fixed Income: a diversified portfolio of govt bonds, provincial bonds and real-return bonds.
- Credit: corporate and emerging market debt.
- Inflation sensitive: natural resources, commodities, and inflation hedge.
- Real assets:
- Real estate: high-quality retail and office properties designed to provide dependable cash flows. Managed by the Cadillac Fairview Corporation Ltd.
- Infrastructure investments: toll roads, airports, seaports, conventional and renewable energy, water distribution and wastewater plants. Most of the assets are held outside of Canade, principally in the UK, Europe, Chile, the USA and Australia.
Holdings
The Annual Reports only include holdings with a net worth > CA$150m.[1]:93 Listed below are primarily UK holdings, plus international companies which have an impact in the UK. See also Investments Overview.
Corporate
- Aircastle Ltd
- Alphabet Inc
- BlackBerry Ltd
- Citigroup Inc
- Daimler AG
- EXOR NV
- Facebook Inc
- Hudson's Bay Company
- Intact Financial Corporation
- LafargeHolcim Ltd
- Lloyds Banking Group plc
- Samsung Electronics Co. Ltd
- SiteOne Landscape Supply Inc
- Softbank Group Corporation
- Sprint Corporation
- Tencent Holdings Ltd
- TMX Group Ltd
- Visa Inc
- XPO Logistics Inc
Private Companies
- 50%: BaseCore Metals LP, JV with Glencore Canada Corporation.[2]
- 48.25%: Birmingham Airport, ref p.51,ref,ref, Oct.2017
- 70%: Bristol Airport Ltd, ref,
- † Burton's Foods Ltd, ,
- 43%: Busy Bees Benefits Holdings Ltd, , via BBBHL Holdings Ltd,
- 100%: Camelot Group
- † DTZ Jersey Holdings Ltd, now Cushman & Wakefield plc ref,ref,ref
- † Exal International Ltd ref
- † FMAP CIM Ltd, OCD
- † FMAP PCM Ltd, OCD
- † FMAP WMC Ltd, OCD
- † Hudson Catastrophe Fund Ltd OC
- Intercos SpA
- 50%: InterGen NV
- Irish National Lottery
- Koole Tankstorage Zaandam BV
- † LMAP Chi Ltd
- London City Airport
- Lowell Group Ltd
- Munchkin Inc,
- OLE Media Management LP, ref
- Partnership Flexera Holdings LP ref
- † Pure International Holdings (BVI) Ltd, Offshore Leaks
- 25%: Scotia Gas Networks Ltd
- † SeaCube Container Leasing Ltd
- Brussels Airport Company
- Westerleigh Group Holdings Ltd,
- † Tax haven company registered in Bermuda, the Cayman Islands, Jersey, etc.
Private Equity Funds
- Actera Partners II LP
Apollo Overseas Partners (Delaware 892) VIII LP
Apollo Special Situations Fund LP
AQR Offshore Multi-Strategy Fund VII Ltd
- Ares Corporate Opportunities Fund III LP
- Ares Corporate Opportunities Fund IV LP Asia Opportunity Fund III LP AEA Investors Fund V LP BDCM Offshore Opportunity Fund II Ltd Catterton Partners VII LP Euclid Fund EWP PA Fund Ltd
- Fifth Cinven Fund (No.6) Ltd FountainVest China Growth Fund II LP FountainVest China Growth Fund LP Kedaara Capital I Ltd LMAP 903 Ltd LMAP 904 Ltd LMAP 909 LMAP 910 MBK Partners III LP MR Argent Offshore Fund AB LP MSB Capital Ltd NXT Capital Holdings LP Orbis Institutional Global Equity LP PAG Asia I LP PAG Asia II LP Pershing Square VI International LP Polar Multi-Strategy Fund (Legacy) Providence Equity Partners VI LP Providence Equity Partners VII-A LP RedBird Capital Partners Platform LP Silver Lake Partners IV LP Solus Offshore Opportunities Fund 5 LP TDR Capital II 'B' LP Thoma Bravo Fund XI-A LP Thoma Bravo Fund XII-A LP TP Partners Fund LP TPG Asia VI LP Trian Partners Co-Investment Opportunities Fund LP ValueAct Capital International Fund A LP ValueAct Capital International III LP
Partnerships
ToDo:
Timelines
- Jul.2010: Camelot Group plc was bought by the Ontario Teachers’ Pension Plan, beating a rival bid from private equity firm CVC Capital Partners, and acquiring 100% of its shares from its shareholders: Japan's International Computers Ltd (Fujitsu), France's Racal Electronics plc (Thales SA), Cadbury Schweppes, De La Rue plc, Italy's GTech Corporation and Royal Mail Group plc.[4] OTPP supports Camelot's intention to expanding overseas, as well as into new business areas in the UK. The company is waiting for the National Lottery Commission to decide whether it can bid for commercial non-lottery services, such as mobile top-up services alongside lottery tickets in convenience stores.[5]
- 2007: Birmingham Airport: OTPP teamed up with Australia's Victorian Funds Management Corporation to buy a 48% stake in Birmingham Airport from Australian investment bank Macquarie.
- Oct.2017: OTPP sold 30% of its stake to New South Wales Treasury Corporation (TCorp) and Sunsuper Superannuation Fund. TCorp and Sunsuper will each acquire 15% of OTPP' stakes in Birmingham Airport. Following completion, Birmingham Airport will be owned by OTPP (33.8%), TCorp (7.2%) and Sunsuper (7.2%). TCorp is the 3rd largest institutional investor in Australia. Sunsuper, a profit-for-members superannuation fund, is one of the 10 largest pension funds in Australia.[6]
- Dec.2009: Bristol Airport: OTPP increased its stake from 35.5% to 49%. Bristol is the UK's 9th-busiest airport. In Sept.2014, OTPP acquired Macquarie European Infrastructure Fund's 50% shareholding, resulting in Teachers' becoming the sole owner.[7]
- Oct.2017: OTPP sold 30% of its stake to New South Wales Treasury Corporation (TCorp) and Sunsuper Superannuation Fund. TCorp and Sunsuper will each acquire 15% of OTPP' stakes in Bristol Airport. Following completion, Bristol Airport will be owned by OTPP (70%), TCorp (15%) and Sunsuper (15%). TCorp is the 3rd largest institutional investor in Australia. Sunsuper, a profit-for-members superannuation fund, is one of the 10 largest pension funds in Australia.[6]
- Jan.2010: Acorn Care & Education Ltd, a provider of 10 special needs schools and independent fostering services across the UK, was acquired by Teachers' Private Capital, OTPP's private equity arm and management from private equity firm Phoenix Equity Partners. Through Fostering Solutions, Acorn Care also manages foster placements across seven regions of the country.[8] AcornEducationAndCare.co.uk
- Northumbrian Water: acquired a 35% stake.
- Thomas More Square Estate:
- Busy Bees, an Asia-focused day-care nursery business, was acquired.
- Nov.2010: High Speed One: OTPP and fellow Canadian pension fund Borealis Infrastructure (part of OMERS) acquired a 50%/50% 30-year concession to own and operate HS1 (2010-2040).[9] Under the concession, HS1 Ltd has the rights to sell access to track and to the four international stations (St Pancras, Stratford, Ebbsfleet and Ashford) on a commercial basis, under the scrutiny of the Office of Rail Regulation. In 2040, ownership of the assets will revert to the Govt.
- Jul.2017: High Speed 1: OTPP and Borealis Infrastructure, OMERS' infrastructure investment manager, agreed to sell High Speed 1 to a consortium of funds advised and managed by InfraRed Capital Partners Ltd and Equitix Investment Management Ltd.[10] InfraRed advised 3rd party funds including HICL Infrastructure Company Ltd and Korea's National Pension Service. The consortium members acquired interests in High Speed 1 pro rata to their respective shareholdings: HICL (35%), Equitix (35%), and the InfraRed-managed National Pension Service (30%).[11][12]
ToDo: Teachers Private Capital
Burton's Biscuit Company
- Nov.2013: Burton’s Foods Ltd, t/a Burton's Biscuit Company, was acquired from the Canadian Imperial Bank of Commerce, US public equity firm Apollo Global Management, and Duke Street Capital (minority stake).ref Website, CH Brands: Maryland Cookies, Jammie Dodgers, Wagon Wheels, Lyons Biscuits, Royal Edinburgh, Burton's Fish 'n' Chips snacks, Royal Edinburgh shortbread.
- Mar.2007: Burton's Biscuits was acquired by private equity firm Duke Street Capital. Burton's had been on the market since Nov.2006, when HM Capital (formerly Hicks, Muse) appointed advisers to conduct a review of the business.[13]
- Oct.2000: Burton's Gold Medal Biscuits Ltd was acquired by American private equity firm Hicks, Muse, Tate & Furst Inc from Wittington Investments Ltd/Associated British Foods.ref,ref
- 1949: Burton’s Gold Medal Biscuits Ltd was acquired by Associated British Foods plc (via Wittington Investments Ltd) from the Burton family.
- Sept.1935: Burton’s Gold Medal Biscuits Ltd was established from the Burton family's bakery.Cert.of.Inc
- 1980s: Potato Puffs and Fish'n'Chips were launched.
- 1960: Jammie Dodgers were launched.
- 1956: Maryland Cookies were launched.
- 1952: Royal Edinburgh Shortbread was launched.
- 1948: Wagon Wheels were launched.
- 1938: Lyon’s biscuits were launched.
- 1874: George Burton began producing biscuits in Staffordshire.ref
Sources: Our History, Our Brands
Ontario Teachers' Pension Plan
- 1990: Underwent a dramatic overhaul when the Govt of Ontario decided to spin off the scheme as a standalone unit. The former Bank of Canada governor Gerald Bouey was named as its first chairman and he recruited the businessman Claude Lamoureux to run the scheme like a business – in contrast to many other pension schemes across the world, which use third parties to manage their money.
- 1917: Teachers’ traces its roots back to 1917
References
- ^ a b c d Annual Report 2017 Ontario Teachers' Pension Plan, Dec.31.2017.
- ^ Glencore announces partnership focused on base metals streams. Phil Mzamo, Mining News, Dec.06.2017.
- ^ Jackpot: Camelot avoided £10m in tax from lottery - thanks to a legal loophole and Canadian teachers. Camelot avoided ~£10m in tax in the last two years through interest on loans taken from Canadian owner Ontario Teachers' Pension Plan via the Channel Islands Stock Exchange. HMRC did not close the loophole after lobbying from major accountancy and finance firms. The Independent, Oct.22.2013.
- ^ National Lottery owner Camelot sold to Canada teachers. BBC News, Mar.25.2010.
- ^ Camelot sold to Canadian pension fund for £400m. Richard Wray, The Guardian, Mar.25.2010.
- ^ a b Ontario Teachers’ strikes new investment partnership at Bristol and Birmingham Airports. Press Release, Ontario Teachers' Pension Plan, Oct.31.2017.
- ^ MEIF agrees to sell Bristol Airport stake to Teachers'. Press Release, Ontario Teachers' Pension Plan, Sept.17.2014.
- ^ Ontario Teachers' Pension Plan acquires Acorn Care and Education. Press Release, Ontario Teachers' Pension Plan, Jan.19.2010.
- ^ Teachers’ success is no lottery. The innovative Canadian pension plan is best known for its £389m takeover of Camelot in 2010, but Jamie Dunkley finds out how it became one of the biggest investors in Britain and across the world Jamie Dunkley, The Independent, Aug.02.2014.
- ^ Canadian owners of HS1 sell high-speed line linking London and the Channel Tunnel to consortium of funds for over £3bn. City AM, Jul.14.2017.
- ^ Funds managed by InfraRed and Equitix acquire High Speed 1. Press Release, InfraRed NF, Jul.14.2017.
- ^ HS1 concession sold on. A consortium including South Korea’s National Pension Service has agreed a £3bn deal to purchase the 30-year concession to manage High Speed 1 from the two Canadian pension funds which have managed the line since Nov.2010. Railway Gazette, HS1 concession sold onJul.17.2017.
- ^ Private equity firm takes Burton’s biscuits with £210m purchase. Ingrid Mansell< Neelam Verjee, The Times, Mar.19.2007.