Ontario Teachers’ buying majority stake in Vantage Elevator Solutions
New York City-based Vantage makes door operators, traction machines, controllers, and other parts and components used in elevator systems.
The Ontario Teachers’ Pension Plan Board has announced an agreement 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.
The terms of the transaction are not being disclosed.
New York City-based Vantage makes door operators, traction machines, controllers, and other parts and components used in elevator systems. The company is comprised of eight business units including GAL; GAL Canada; Hollister-Whitney; Elevator Controls; Courion; Thames Valley Controls; Vertical Dimensions; and Bore-Max.
“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.”
Vantage is the latest investment by Toronto-based Ontario Teachers’ Private Capital. Other recent investments include TricorBraun, North America’s largest primary packaging distributor; and Logoplaste, a leading global designer and manufacturer of innovative and sustainable rigid plastic packaging solutions.
The transaction is expected to close before the end of 2021.
Ontario Teachers’ is the administrator of what’s said to be Canada’s largest single-profession pension plan, with Cdn$227.7 billion in net assets.