Group announces new capital partnership with the Ontario Teachers’ Pension Plan
Summary
Ontario Teachers and BroadStreet complement Westlands existing shareholder base, which includes the founding Wubs family, who will retain a significant stake in the company. With the support of Ontario Teachers and BroadStreet, well further expand Westlands presence coast-to-coast and continue our journey to become Canadas favourite insurance broker.Lyons continued, Ontario Teachers, through its financial partnership with BroadStreet, invests in select, high performing, and entrepreneurial insurance brokers with superior management teams, which makes them a great fit for this partnership. Wed also like to thank Blackstone Credit, who will be exiting their investment in Westland, for their outstanding partnership, unwavering support, and commitment to helping us transform into Canadas leading national broker over the last two and a half years.The transaction is expected to be completed during Q2 2023, subject to customary closing conditions, including regulatory approvals.Evercore served as financial advisor to Westland in connection with the transaction and Stikeman Elliott LLP served as its legal advisor. Westlands brokers provide expertise and advisory-based services across commercial, personal, employee benefits, farm, and specialty insurance segments. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries.