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TORONTO (Reuters) - A private equity group led by Ontario Teachers' Pension Plan said on Monday it has acquired Exal Group, the world's largest specialty maker of aluminum containers, for an undisclosed amount.
Exal, with annual revenue of about $400 million, produces some 1.3 billion containers a year, primarily for multinational consumer packaging customers in the household products, personal care, and beverage industries.
The terms of the transaction were not disclosed.
The investor group was led by Teachers' Private Capital, the private investment department of the Ontario Teachers' Pension Plan and one of the world's largest private equity investors.
The investor group includes Stonebridge Partners, a U.S.-based operations-oriented private equity firm that focuses on the specialty manufacturing sector.
Teachers, with C$87 billion ($87 billion) in assets under management, currently divides its investments among equities (40 percent), inflation-sensitive classes such as real estate and infrastructure (45 percent), and fixed income (15 percent).
Exal has six facilities and 47 manufacturing lines in the United States, Europe and Argentina.
Reporting by Pav Jordan; editing by Peter Galloway