Here's some interesting and breaking news. The Ontario Teachers' Pension Plan (Teachers') today announced an agreement for the acquisition of Plano Molding Company, Inc. (Plano), the premier supplier of outdoor sports storage systems.
Based in Plano, Illinois, and founded in 1932, Plano is recognized as the leading brand in fishing and fall sports markets where it enjoys leading market shares in tackle boxes, bait storage, gun cases, archery cases, and ice fishing products. It also produces cases for cosmetics, tools and crafts, as well as storage containers and shelving for home and office.
Teachers' is making the acquisition through its private equity investment division, Teachers' Private Capital (TPC). Terms of the transaction are not being disclosed.
"Plano has exceptionally strong brands and product categories supported by attractive market characteristics. It also benefits from its long-standing relationships with top North American retailers," said Jane Rowe, Senior Vice-President of TPC. "Plano's proven management team has a record of solid organic growth and has strongly positioned the company to benefit from acquisition opportunities. We look forward to supporting their success."
"The Plano management team and I are extremely excited to be partnering with Teachers'," stated Tom Hurt, the Company's President and CEO. "Together we look forward to growing Plano's heritage brands to their full potential and continuing our dedication to exceeding our customer expectations in product innovation, market leadership and world-class customer service. An exciting new journey has just begun for Plano, our valued associates and the many market leading brands under our umbrella. The Teachers' partnership in Plano promises to yield more exciting opportunities than ever before."
TPC activities include leading deals on a sole or partnered basis, investing in private equity funds in markets and sectors that it cannot efficiently access directly and co-investing with other like-minded private equity funds. TPC manages a global portfolio valued at approximately $12 billion.