Hollister-Whitney parent company sold

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Ontario Teachers’ Announces Agreement to Acquire Majority Stake in Vantage Elevator Solutions

TORONTO – The Ontario Teachers’ Pension Plan Board has announced an agreement to acquire a majority stake in Vantage Elevator Solutions, a manufacturer and distributor of elevator components and systems and the parent company of Hollister-Whitney of Quincy.

As part of the transaction, Vantage’s current owner, Golden Gate Capital, will retain a significant minority ownership stake in the company. Terms of the transaction are not being disclosed.

Vantage is comprised of eight businesses, including Hollister-Whitney, GAL GAL Canada, Elevator Controls, Courion, Thames Valley Controls, Vertical Dimensions, and Bore-Max. Vantage supplies electro-mechanical devices used in contemporary elevators to independent elevator service companies and service organizations engaged in the installation, maintenance and modernization of elevators.

Founded in 1927, the Vantage group employs approximately 900 staff in multiple locations across the United States, Canada and the United Kingdom.

“We are thrilled to acquire a majority stake in Vantage. The company has a strong portfolio of brands and solid market position among elevator components manufacturers,” said Karen Frank, Senior Managing Director, Equities at Ontario Teachers’. “We are attracted to the strong resilience of the sector, as well as the growth potential in this segment. We look forward to partnering with CEO Ron Cauchi, the Vantage management team and Golden Gate Capital to support the business as it enters its next stage of growth.”

“We are excited about this new partnership with Ontario Teachers’. The company’s strong track record investing in leading diversified industrial businesses along with its active approach to value creation make it a perfect fit for us,” said Ron Cauchi, President and CEO at Vantage. “I want to thank Golden Gate Capital for their valued partnership since 2017 and am glad that they will remain a part of our ownership group as we continue to grow our business in the years to come.”

“We have enjoyed a highly productive partnership with the talented Vantage team over the past four and a half years and look forward to continuing to support the company alongside Ontario Teachers’ moving forward,” said Felix Lo, a Managing Director at Golden Gate Capital. “Since our initial investment in 2017, Vantage has driven exceptional growth through five strategic acquisitions and a successful rebranding, while maintaining its over 90-year legacy of delivering superior products and outstanding service to its large base of longstanding customers.”

The transaction is expected to close before the end of 2021.

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at 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. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers.

Golden Gate Capital is a San Francisco-based private equity investment firm with more than $19 billion in cumulative committed capital. For more information, visit www.goldengatecap.com.

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