The Ontario Teachers' Pension Plan announced late last week that it had reached an agreement for the acquisition of tackle-storage giant Plano Molding Company. OTPP, the largest single-profession pension plan in Canada serving more than 300,000 active and retired teachers, is making the acquisition through its private equity investment division, Teachers' Private Capital (TPC).
The company, based in Plano, Ill., has been in business for 80 years.
"Plano has exceptionally strong brands and product categories supported by attractive market characteristics," said TPC senior VP Jane Rowe. "It also benefits from its long-standing relationships with top North American retailers. 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."
Said Plano president and CEO Tom Hurt: "The Plano management team and I are extremely excited to be partnering with Teachers'. 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."
