Ontario teachers' pension fund buys share in French funeral business
The Ontario Teachers' Pension Plan logo is shown.
The Canadian Press
Published Thursday, September 17, 2015 12:23PM EDT
TORONTO - The majority owner of France's leading funeral company is selling a 30 per cent stake to the Ontario Teachers Pension Plan.
The deal centres on OGF, which has 468 funeral homes, 53 crematoria and a number of recognized brands.
Markus Noe-Nordberg, a partner at Pamplona -- which will remain majority owner of the 170-year-old funeral business -- said "we look forward to further developing OGF as the leading funeral services provider in France."
The joint statement from Pamplona and OTPP said the retirement fund intends to grow its stake above 40 per cent over time.
The transaction is to close Sept. 25 but financial terms are being withheld.