Ontario Teachers' Pension Plan

Ontario Teachers' Pension Plan

August 29, 2005 10:10 ET

Ontario Teachers' Buys Leading U.S. Pet Food Company For US$840 Million

TORONTO, ONTARIO--(CCNMatthews - Aug. 29, 2005) - Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, has signed an agreement to purchase Doane Pet Care Company for C$1 billion (US$840 million).

Based in Brentwood, Tennessee, Doane Pet Care is the largest manufacturer of private label pet food in the U.S. and serves many top pet food retailers in the U.S., Europe and Japan.

"We are extremely pleased with the opportunity to invest in a market-leading U.S. company," said Jim Leech, Senior Vice-President, Ontario Teachers' Pension Plan. "The U.S. is a key market for us, and we look forward to working with Doane's excellent management team to help grow this business."

Doug Cahill, Doane Pet Care President and CEO, believes the new ownership structure will enable the company to further develop its global business and U.S. market position.

"Teachers' Private Capital has a rich history of investing in strong companies with excellent long-term growth prospects and we are delighted with their recognition of our tremendous potential as well as our achievements in building Doane to its premier market position," said Cahill.

"With the long-term commitment and financial stability provided by Ontario Teachers', we have a unique opportunity to offer an even higher level of product innovation and marketing support to help new and existing customers build their brands."

The transaction is expected to close by mid-November. Lehman Brothers acted as Ontario Teachers' financial adviser on the transaction.

About Doane Pet Care Company

Doane Pet Care Company, based in Brentwood, Tennessee, is the largest manufacturer of private label pet food and the second largest manufacturer of dry pet food overall in the United States. The Company sells to approximately 550 customers around the world and serves many of the top pet food retailers in the United States, Europe and Japan. The Company offers its customers a full range of pet food products for both dogs and cats, including dry, semi-moist, soft-dry, wet, treats and dog biscuits. For more information about the Company, including its SEC filings and past press releases, please visit www.doanepetcare.com.

About Teachers' Private Capital

Teachers' Private Capital is the private investment arm of the C$88 billion Ontario Teachers' Pension Plan, which invests on behalf of 255,000 active and retired teachers in Ontario, Canada. With more than C$7 billion in assets, Teachers' Private Capital is one of North America's largest private investors and is currently working with more than 100 companies and funds worldwide by providing long-term flexible financing.

Significant investments include Samsonite, Worldspan, Alliance Laundry Systems, Yellow Pages Group, and Maple Leaf Sports and Entertainment (owners of the Toronto Raptors and Toronto Maple Leafs sports teams). Teachers' Private Capital specializes in providing private equity and mezzanine debt capital for large and mid-cap companies, venture capital for developing industries, and financing for a growing portfolio of infrastructure and timberland assets.

Contact Information

  • Ontario Teachers' Pension Plan
    Lee Fullerton
    Director, Communications and Media Relations
    (416) 730-5347
    Lee_Fullerton@otpp.com
    or
    Doane Pet Care Company
    Philip K. Woodlief
    Vice President and Chief Financial Officer
    (416) 373-7774