Ontario Teachers’ to Buy Majority Stake In Vantage

Ontario Teachers’ Pension Plan Board announced on October 13 it has agreed to buy a majority stake in Bronx, New York-based Vantage Elevator Solutions from San Francisco’s Golden Gate Capital (GGC), which acquired Vantage in 2017. GGC will retain significant minority ownership. Terms of the deal, expected to close by the end of 2021, were not disclosed. Composed of eight business units including GAL Manufacturing Company, GAL Canada, Hollister-Whitney and Courion, Vantage is the latest high-performing industrial business in which Ontario Teachers’ has invested. Through five strategic acquisitions, Vantage has “driven exceptional growth. . .while maintaining its over-90-year legacy of delivering superior products and outstanding service to its large base of longstanding customers,” GGC Managing Director Felix Lo said. Thanking GGC for its partnership since 2017 and saying he is pleased it will retain ownership, Vantage President and CEO Ron Cauchi said Ontario Teachers’ “strong track record investing in leading diversified industrial businesses, along with its active approach to value creation, make it a perfect fit for us.”