Ontario Teachers’ Pension Plan Board (Ontario Teachers’) has agreed to acquire a majority stake in Vantage Elevator Solutions (Vantage), 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.
Vantage provides a broad portfolio of parts and components used in elevator systems, including door operators, traction machines and controllers, among others. 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. Vantage supplies almost all electro-mechanical devices used in contemporary elevators to independent elevator service companies and OEM service organizations engaged in the installation, maintenance and modernization of elevators.
“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 Ontario Teachers’ Private Capital team in high-performing diversified industrial businesses. 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.
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 P.C. 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’.
