LONDON, May 3, 2024 /CNW/ - Canada Pension Plan
Investment Board (CPP Investments) today announced it has committed
US$450 million to support the
continued growth of Ontic. CVC Capital Partners (CVC), Ontic's
current financial partner, will remain invested in the
business.
Ontic is a leading provider of original equipment manufacturer
(OEM) licenced parts and repair services for established aerospace
technologies and is headquartered in the U.K., with operations in
the U.S. and Singapore. Ontic
manufactures and assembles a growing product portfolio of more than
8,000 flight-critical systems and products. The business' client
base includes global aerospace leaders across both OEMs and
aircraft operators.
"Ontic is a globally trusted aerospace partner, supporting and
supplying established aircraft parts to the world's aerospace
leaders. It is uniquely positioned to address the strong need for
products and services necessary to extend longevity of existing
aircraft fleets," said Hafiz Lalani,
Managing Director, Global Head of Direct Private Equity, CPP
Investments. "We look forward to working alongside CVC, a
long-standing partner to CPP Investments, and the Ontic leadership
team, to support the business as it aims to continue its current
growth trajectory, while delivering attractive risk-adjusted
returns for CPP contributors and beneficiaries."
CPP Investments' Direct Private Equity (DPE) strategy is focused
on assets and sub-sectors where we maintain competitive advantages
including a strong track record, superior insights, and strategic
partnerships to deliver attractive risk-adjusted returns.
This transaction has been signed and is subject to customary
conditions and regulatory approvals. The transaction is expected to
complete by year-end 2024.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a
professional investment management organization that manages the
Fund in the best interest of the more than 22 million contributors
and beneficiaries of the Canada Pension Plan. In order to build
diversified portfolios of assets, investments are made around the
world in public equities, private equities, real estate,
infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York
City, San Francisco, São
Paulo and Sydney, CPP Investments
is governed and managed independently of the Canada Pension Plan
and at arm's length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please
visit www.cppinvestments.com or follow us
on LinkedIn, Instagram or
X @CPPInvestments.
SOURCE Canada Pension Plan Investment Board