September 22, 2021
TORONTO – Ontario Academics’ Pension Plan Board (“Ontario Academics’”) introduced right now that it has entered into an settlement to amass HomeQ Company (“HomeQ”), the mother or father firm of HomeEquity Financial institution, from Birch Hill Fairness Companions Administration Inc. (“Birch Hill”) and the opposite minority shareholders of HomeQ. The completion of the acquisition is topic to receipt of required regulatory approvals, which the events anticipate to happen within the first half of 2022.
HomeEquity Financial institution is Canada’s main financial institution providing reverse mortgage options together with the flagship CHIP Reverse Mortgage. HomeEquity Financial institution has a 30-year monitor file of serving to Canadians 55 and older age in place by accessing the fairness of their properties. The financial institution is properly positioned for sustained progress as extra Canadians close to retirement age and search progressive options to create revenue and construct wealth.
“HomeEquity Financial institution is a superb match for our rising portfolio of main monetary companies companies. We imagine the corporate has a high-quality administration staff, a strong worth proposition for customers and room to develop their enterprise given Canada’s ageing inhabitants in addition to the elevated attractiveness of staying in your personal house as you age,” mentioned Karen Frank, Senior Managing Director of Equities at Ontario Academics’. “Ontario Academics’ has a protracted historical past of investing in profitable monetary companies companies in Canada and internationally and we stay up for supporting HomeEquity Financial institution throughout its subsequent stage of progress.”
“We’re excited concerning the worth Ontario Academics’ will convey as we proceed to serve Canada’s quickly rising retiree inhabitants. Its long-term capital profile, monitor file of delivering retirement options and our shared imaginative and prescient of constructing a optimistic affect on the lives of retired Canadians makes Ontario Academics’ a pure companion for us,” mentioned Steven Ranson, President and Chief Govt Officer of HomeEquity Financial institution. “I need to thank Birch Hill for its unwavering help for HomeEquity Financial institution over this previous decade. Our partnership supplied a dependable supply of capital in order that HomeEquity Financial institution may assist extra Canadians entry the fairness they constructed of their properties and dwell within the place they love.”
The corporate’s vital progress over the previous 9 years throughout Birch Hill’s possession has been pushed by robust management, elevated variety of distribution channels, product enlargement, vital funding in advertising and marketing and applied sciences, and a revitalized model that resonated strongly with the attitudes of Canadian owners aged 55 plus.
Ontario Academics’ was suggested by TD Securities Inc. as monetary adviser, with Blake, Cassels & Graydon, LLP as authorized adviser. Authorized adviser to HomeQ was Torys LLP.
About HomeEquity Financial institution
HomeEquity Financial institution is a Schedule 1 Canadian Financial institution providing a variety of reverse mortgage options together with the flagship CHIP Reverse Mortgage™ product. The corporate was based greater than 30 years in the past as an annuity-based answer addressing the monetary wants of Canadians who needed to entry the fairness of their high asset – their house. The Financial institution is dedicated to empowering Canadians aged 55 plus to dwell the retirement they deserve, within the house they love. For extra data, go to www.chip.ca
About Ontario Academics’
Ontario Academics’ Pension Plan Board (“Ontario Academics’”) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in web belongings (all figures at June 30, 2021 except famous). It holds a various international portfolio of belongings, roughly 80% of which is managed in-house, and has earned an annual total-fund web return of 9.6% for the reason that plan’s founding in 1990. Ontario Academics’ is an impartial group headquartered in Toronto. The defined-benefit plan, which is totally funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 lively and retired lecturers. For extra data, go to otpp.com and comply with us on Twitter @OtppInfo.
About Birch Hill Fairness Companions
Birch Hill is a Canadian mid-market non-public fairness agency with a 26-year historical past of driving progress in portfolio corporations and delivering returns to buyers. Based mostly in Toronto, Birch Hill at present has over $4 billion in capital below administration. Since 1994, Birch Hill has remodeled 68 investments, with 52 fully-realized. At this time, their 16 companion corporations collectively symbolize one in all Canada’s largest company entities with over $6 billion in complete income and greater than 34,000 workers.
HomeEquity Financial institution
EVP & CMO
Telephone: (416) 554-1669
E mail: [email protected]
Director, Exterior Communications
Telephone: (416) 419-1437
E mail: [email protected]
Birch Hill Fairness Companions
COO and Associate
Telephone: (416) 775-3830
E mail: [email protected]