OTPP, Unitas target PE-owned Infastech – report
Ontario Teachers’ Pension Plan (OTPP) and Unitas Capital have reportedly teamed up to bid for Singapore-based industrial fasteners manufacturer Infastech, currently owned by CVC Capital and Standard Chartered Private Equity (SCPE). The deal could be worth more than $750 million.
According to Reuters, second-round bids for the asset are due next week and OTPP and Unitas have joined forces in order to take on Stanley Black & Decker. The $750 million valuation is based on expectations of bids coming in at 8x Infastech's most recent EBITDA of $92-95 million.
Infastech is one of the world's largest producers of industrial fasteners, supplying clients in more than 150 countries. CVC and SCPE acquired the company for $350-400 million in 2010.
OTPP is an LP in Unitas' most recent Asia fund and they co-invested before, paying NZ$2.2 billion ($1.76 billion) for New Zealand Yellow Pages in 2007 in what proved to be an ill-fated leveraged buyout.
OTPP, which faces a funding shortfall in Canada, has been actively pursuing direct investments in Asia of late as it looks for ways to address a projected funding shortfall. In the last couple of months, it has acquired a 9.9% stake in South Korean insurer Kyobo Life for $398 million and, working with Hastings Funds Management, took out a long-term lease on Sydney Desalination Plant in a A$2.3 billion ($2.35 billion) deal.
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