Harris Williams Advises Vantage Elevator Solutions on its Pending Majority Sale to Ontario Teachers’ Pension Plan Board
13 Ottobre 2021 - 05:52PM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it is serving as lead
financial advisor to Vantage Elevator Solutions (Vantage), a
portfolio company of Golden Gate Capital, on its pending majority
sale to Ontario Teachers’ Pension Plan Board (Ontario Teachers’).
As part of the transaction, Vantage’s current owner, Golden Gate
Capital, will retain a significant minority ownership stake in the
company. Vantage is a leading North American elevator component
manufacturer, providing a broad portfolio of parts and components
used in elevator systems, including door operators, traction
machines, and controllers, among others. The transaction is being
led by Tim Webb, Eric Logue, Patrick McNulty, Ty Denoncourt, Chuck
Walter and Matt Crisafi of the Harris Williams Industrials
Group.
“We are very excited to be working with the Vantage team and
Golden Gate Capital,” said Tim Webb, a managing director at Harris
Williams. “Ron Cauchi, CEO of Vantage, and the rest of his team, in
partnership with Golden Gate Capital, have built a premier
industrial platform. We look forward to following their continued
success.”
“Ontario Teachers’ is a great partner for Vantage and Golden
Gate Capital,” said Eric Logue, a managing director at Harris
Williams. “The stability of the platform, coupled with attractive
growth opportunities and a great management team, create a very
unique opportunity in today’s market.”
“This transaction represents another marquee deal for the Harris
Williams Industrials Group,” said Patrick McNulty, a managing
director at Harris Williams. “We continue to work with world class
platforms, helping identify new partners for the next stage of
growth.”
Vantage is one of North America’s leading independent
manufacturers of elevator components and systems for new equipment
applications, equipment upgrade projects and service replacement
parts. Vantage is comprised of seven business units including GAL
Manufacturing Company and GAL Canada; Hollister-Whitney Elevator
Corporation; Elevator Controls Corporation; Courion; Bore-Max; and
Thames Valley Controls. Through its brands, Vantage supplies almost
all electro-mechanical devices used in contemporary elevators.
Vantage sells its products to a diverse range of customer types
including hundreds of independent elevator contractors, in addition
to several well-known multi-national elevator companies. Founded in
1927, the Vantage group employs approximately 1,000 staff in
multiple locations across the United States, Canada and the United
Kingdom.
Golden Gate Capital is a San Francisco-based private equity
investment firm with over $19 billion in cumulative committed
capital. The principals of Golden Gate Capital have a long and
successful history of investing across a wide range of industries
and transaction types, including going-privates, corporate
divestitures, and recapitalizations, as well as debt and public
equity investments. Notable investments sponsored by Golden Gate
Capital include Active Minerals, ANGUS, Antylia Scientific and
Covia.
Ontario Teachers' is the administrator of Canada's largest
single-profession pension plan, with C$227.7 billion ($180.7
billion) in net assets (all figures of June 30, 2021 unless noted).
It holds a diverse global portfolio of assets, approximately 80% of
which is managed in-house, and has earned an annual total-fund net
return of 9.6% since the plan's founding in 1990. Ontario Teachers'
is an independent organization headquartered in Toronto. Its
Asia-Pacific region offices are located in Hong Kong and Singapore,
and its Europe, Middle East and Africa region office is in London.
The defined-benefit plan, which is fully funded as of January 1,
2021, invests and administers the pensions of the province of
Ontario's 331,000 active and retired teachers.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Industrials Group has experience across a
variety of sectors, including advanced manufacturing; building
products; chemicals and specialty materials; industrial technology;
and packaging. For more information on the firm’s Industrials Group
and other recent transactions, visit the Industrials Group’s
section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com).
Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No.
DE321666994). Harris Williams is a trade name under which Harris
Williams LLC, Harris Williams & Co. Ltd and Harris Williams
& Co. Corporate Finance Advisors GmbH conduct business.
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For media inquiries: Julia Moore media@harriswilliams.com
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