Category: Uncategorised

Victoria, British Columbia – British Columbia Investment Management Corporation (BCI) welcomes Innovate BC as a new client. BCI will manage the Natural Resources and Applied Sciences Endowment Fund.

Innovate BC is a Government of British Columbia crown agency reporting to the Ministry of Jobs, Economic Recovery, and Innovation. Innovate BC helps foster innovation in B.C. so that British Columbians in all regions of the province can benefit from a thriving, sustainable and inclusive innovation economy. They fund and deliver programs that support the growth of the B.C. economy by helping companies start and scale, train talent that meets labour market needs, and encourage technology development, commercialization and adoption.

“We are thrilled to be selected as the investment manager for Innovate BC’s Natural Resources and Applied Sciences Endowment fund.” said David Morhart, executive vice president, corporate & investor relations. “This special purpose fund promotes innovation in critical areas of our provincial economy and it’s our pleasure to support this important work by applying our investment expertise to optimize fund returns in support of their goals.”

“After a very thorough review of the proposals received, Innovate BC’s Finance & Audit Committee was pleased to recommend BCI to manage the Natural Resources and Applied Sciences Endowment Fund. We have engaged closely with BCI’s team to review the different portfolio models and feel confident in the option we have chosen.” said Lesley Esford, chair of finance & audit committee for Innovate BC.

For more information, please contact media@bci.ca.

Victoria, British Columbia – British Columbia Investment Management Corporation (BCI) welcomes Municipal Retiree Benefit Trust (MRBT) as a new client with $100 million in assets under management.

MRBT is an employee life and health trust (ELHT) newly created by the Plan Partners for the British Columbia Municipal Pension Plan (MPP) following a program review and redesign. Its purpose is to provide access to group benefits for retired MPP members and their spouses/dependents. Providing benefits through an ELHT offers better sustainability since funds can accumulate and earn investment income.

“We are delighted to have been selected as investment manager for MRBT,” said David Morhart, executive vice president, corporate and investor relations. “We have worked with MPP for many years and look forward to continuing to invest on behalf of Municipal Pension Plan retirees in this new capacity.”

“The Municipal Retiree Benefit Board of Trustees are excited to begin the work of maintaining a valuable benefit program for Municipal Pension Plan retirees. We know from our experience with BCI that the initial funds and ongoing contributions will be well managed to assist the trustees with their goal of providing affordable and stable extended health benefits.” said Bonnie Pearson, Chair and Lyn Kocher, Vice Chair of MRBT.

For more information, please contact media@bci.ca.

PARIS – Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, has reached an agreement to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion.

Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762 MW operational portfolio and a 15 GW development pipeline. Headquartered near Toulouse, Reden Solar has an established presence in France and Spain as core markets, and has recently expanded its footprint into Greece and Italy.

Thierry Carcel, Chief Executive Officer of Reden Solar, said: “We are delighted to have Macquarie, BCI and MEAG support the next phase of our growth ambitions. Our business is continually evolving from predominantly rooftop solar, into ground mounted and agrivoltaic projects. With the backing of our new shareholders, we look forward to expanding Reden Solar’s presence in existing and new markets, as well as developing our teams on the ground.”

Stéphane Brimont, Head of France, Benelux and Greece at Macquarie Asset Management, said: “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe. Their management team has a proven track record of developing projects in core as well as new European markets. We are excited to support them over the long-term as they build out their business and maximise their contributions towards the low-carbon transition.”

Lincoln Webb, Executive Vice President and Global Head of Infrastructure and Renewable Resources at BCI, said: “We look forward to partnering with the management team and staff of Reden Solar in the continued growth and development of the company. In the context of stronger national climate policies and clean energy goals, we believe Reden Solar is well-positioned to continue providing market leadership in the development and operation of solar energy and contributing to global energy transition aspirations.”

Holger Kerzel, Board of Management, MEAG: “This project fulfills our high expectations for sustainable investments and underlines our commitment to increase MEAG’s exposure in renewable energy. With this investment, we will support the future growth of one of Europe’s leading independent power producers covering the entire value chain of photovoltaic energy production. We are very pleased about this transaction and look forward to a successful partnership with Macquarie, BCI and Reden Solar.”

Macquarie Asset Management’s stake in Reden Solar will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). Reden Solar represents MGREF2’s fourth investment, having recently completed the acquisition of Apex Energies Group in France.

Macquarie Group is a leading global renewables developer having invested or arranged around €40 billion in green energy since 2010, and with more than 50 GW of green energy projects in development, construction and operation worldwide.

The transaction is expected to reach completion by Q3 2022.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than £403 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs approximately 17,000 people in 33 markets and is listed on the Australian Securities Exchange.

All figures as at 31 December 2021. For more information, please visit macquarie.com.

About Reden Solar

Reden Solar is an independent producer of photovoltaic renewable energy, focused on the development, construction and operation of photovoltaic power plants in France and abroad. Founded in 2008, at the heart of the French Lot-et-Garonne region, Reden Solar now owns and operates more than 750 MW of installed capacity and employs over 120 people across eight countries. Over five years of ownership, InfraVia (53%) and Eurazeo (47%) has supported the company’s development. For more information, visit reden.solar

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, BCI is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s Infrastructure & Renewable Resources program, valued at over C$20.0 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

About MEAG

MEAG manages the assets of Munich Re and ERGO. MEAG is active in Europe, Asia and North America and offers its comprehensive know-how to institutional investors and private clients. In total, MEAG manages investments currently worth €339 billion, of which €65 billion relates to business with institutional investors and private clients.

Media enquiries

Macquarie Asset Management (London)

Emily Martyn

PH: (44) 7876 863 009

Emily.Martyn@macquarie.com

Reden Solar (Toulouse)

Nolwenn Bussod

PH: (33) 628 836 327

n.bussod@reden.solar

BCI (Victoria)

Gwen-Ann Chittenden

PH: +1 778 410 7310

media@bci.ca

MEAG (Munich)

Dr. Josef Wild

PH: +49 8924 892 072

Jwild@meag.com

Corsair to Remain Majority Shareholder

LONDON, NEW YORK, and VICTORIA, British Columbia — ZEDRA (“ZEDRA” or “the Company”), a global specialist in Global Expansion and Corporate Services, Active Wealth and Fund Solutions, today announced it has reached an agreement to receive a strategic minority investment from British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors. This investment will be made in partnership with ZEDRA’s management team, led by Executive Chairman Bart Deconinck and CEO Ivo Hemelraad, and the Company’s existing majority investor, Corsair, which will remain the majority shareholder.

Founded in 2016, ZEDRA delivers tailored, high-quality solutions to clients, who include high net worth individuals, entrepreneurs and families seeking diversified active wealth solutions, as well as multi-national companies of all sizes, corporate pension schemes, asset managers and their investors. ZEDRA’s full range of services is designed to protect the real value of clients’ assets and support businesses in unlocking growth and expansion.

Bart Deconinck, Executive Chairman at ZEDRA, said, “We are excited to partner with BCI, who brings significant resources and expertise, and will enable us to continue building on the significant accomplishments we have achieved with Corsair’s strong support. Together, we have built a successful, sustainable and innovative business with the expanding global footprint required to deliver bespoke solutions across the private client, corporate services and fund administration sectors. As ZEDRA enters an exciting new stage of our growth story, we look forward to enhancing our offerings and providing best-in-class services to meet our clients’ continually evolving needs.”

Raja Hadji-Touma, Partner at Corsair said, “We are grateful for our successful partnership with the ZEDRA team and are delighted to welcome BCI as an investor alongside us. This investment is a testament to ZEDRA’s continued success executing on its growth plan, demonstrated by the Company’s impressive team, product and geographical strategic expansion. We look forward to supporting ZEDRA’s continued success as a majority shareholder through this next phase of their growth.”

Jim Pittman, Executive Vice President & Global Head, Private Equity at BCI, said, “We are impressed by the strong business and market position built by Bart, Ivo and the ZEDRA team, and we are excited to partner with Corsair to build on this success through organic and inorganic growth opportunities for ongoing expansion. The corporate services and fund solutions sector is a core area of focus for BCI, and we look forward to generating attractive returns for our pension plan and insurance fund clients through this investment.”

Lazard acted as financial advisor and Simpson Thacher & Bartlett acted as legal advisor to Corsair. Weil Gotshal & Manges acted as legal advisor to BCI. Addleshaw Goddard acted as legal advisor to ZEDRA Management.

Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.

About ZEDRA

ZEDRA is a global provider of Global Expansion and Corporate Services, Active Wealth and Fund Solutions. The firm’s highly experienced teams deliver tailored high-quality solutions to clients who include high net worth individuals and their families seeking diversified active wealth solutions, as well as, medium to large sized companies, corporate pension schemes, asset managers and their investors.

ZEDRA’s full range of services are designed to preserve and protect the real value of its clients’ assets and the firm’s entrepreneurial outlook helps and supports clients in unlocking their ambitions for growth and expansion, no matter how complex their challenges might be.

ZEDRA inherited a wealth of knowledge and experience following its acquisition of trust businesses of a renowned bank in 2016. This solid foundation combined with innovative thinking has allowed ZEDRA to grow rapidly in a competitive marketplace to a team of 680 industry experts across 16 countries spanning Asia, Oceania, the Americas and Europe. www.zedra.com

About Corsair

Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception. More information about Corsair can be accessed through https://corsair-capital.com/.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise across financial and business services, healthcare, industrials, consumer, and TMT sectors.

Contacts

ZEDRA

Jamie Brownlee / Eleonore Basle

Greentarget

+44 783 457 1183

zedra@greentarget.co.uk

BCI

Gwen-Ann Chittenden

Vice President, Corporate Stakeholder Engagement, BCI

media@bci.ca

Corsair

Benjamin Spicehandler / Claire Keyte

Sard Verbinnen & Co.

Corsair-SVC@sardverb.com

Victoria, BC – In response to the Russian invasion of Ukraine, BCI is actively working to sell the remaining Russian securities from our clients’ portfolios.

“BCI has not only been working to sell the Russian shares in our clients’ portfolios but also to have Russia removed from all global and emerging market indices,” said Gordon J. Fyfe, BCI’s chief executive officer / chief investment officer. “We don’t normally comment publicly on our investment activities, however given the egregious actions of Russia it is important to make an exception.”

BCI started selling down our holdings in Russian securities prior to the invasion, however trading in these securities has now ground to a halt, given international sanctions, trading restrictions, and Russia’s ban on foreigners selling Russian securities.  Regardless we will continue to work to sell the $107 million in Russian stock that remains.

BCI recognizes that holding Russian securities in our portfolio is not aligned with our values as an organization nor that of our clients and our hearts go out to the people of Ukraine. BCI is and will continue to comply with all Canadian sanctions and stands with the global financial community in our joint response to this evolving humanitarian situation.

ROTTERDAM, THE NETHERLANDS, AND NEW YORK – Refresco Group B.V. (“Refresco” or “the Company”), one of the largest independent beverage contract manufacturers in the world, and KKR, a leading global investment firm, today announced that KKR has signed a definitive agreement to acquire a majority stake in Refresco, with Refresco’s existing investors, PAI Partners and British Columbia Investment Management Corporation (“BCI”), maintaining a significant minority position. Terms of the transaction, which is subject to closing conditions, were not disclosed.

Founded in 1999, Refresco is a global independent beverage solutions provider for retailers and branded beverage companies with pan-regional coverage in Europe and North America through its network of bottling, warehousing, logistics and other operational assets. The Company’s production platform includes over 70 majority-owned manufacturing sites in Europe, the U.S., Canada, and Mexico, providing customers with close proximity and a reliable service across geographies. Refresco has built long-standing relationships with its customers by partnering to support material planning, procurement, manufacturing, warehousing, fulfillment, and distribution.

KKR will support Refresco as it expands its global and strategically located footprint to better serve existing and new customers through a range of formats and channels. The Company will build on its ability to manufacture high quality products that meet the growing demand for sustainable beverage solutions, with a focus on sustainable sourcing, responsible production, and environmentally friendly operations.

“We are very pleased to welcome KKR, one of the world’s most prominent investment firms, as our new majority owner. We are proud that PAI and BCI will continue as shareholders, which is a testament to our successful value creation,” said Hans Roelofs, CEO of Refresco. “To support further growth, we have explored the various alternatives available to us and believe that the investment by KKR is an incredibly positive development for the Company. Like our existing shareholders, KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation, and M&A strategy. Our focus of growing alongside our customers, combined with expanding into new categories and geographies, remains unchanged. I look forward to this new chapter, and for all our employees and customers to capitalize on the opportunities ahead of us.”

“Refresco has established itself as an industry leader supporting the global beverage industry with a blue-chip global customer base, an experienced and highly regarded management team, and an impressive network of assets that provides compelling value to customers. The Company also has a strong commitment to sustainability, which is an important differentiator for its customers,” said James Cunningham, Partner at KKR. “We look forward to leveraging our operational expertise from across the KKR platform to support the Company’s continued growth and further advance the sustainability of its value chain.”

“We are proud to have been instrumental in Refresco’s growth since we initiated our investment with BCI in 2018,” said Frédéric Stévenin, Managing Partner of PAI Partners. “We are even more excited about the prospect of continuing to stay a part of Refresco’s strong growth trajectory alongside KKR. We are convinced of Refresco’s unique value-add capabilities, its growth initiatives and a proven M&A track record, and we look forward to the next phase of this journey.”

“As an institutional investor with a long-term perspective, supporting strong management teams and market leading companies is core to our private equity program. We are in full agreement with Frédéric’s comments and are very happy to continue this partnership with management, PAI and KKR,” said Julian Remedios, Senior Managing Director, Private Equity, BCI.

KKR is making this investment primarily through its Global Infrastructure strategy, which was established in 2008. Since that time, KKR has been one of the most active infrastructure investors around the world with a team of more than 70 dedicated investment professionals. The firm currently oversees approximately $40 billion in infrastructure assets and has made over 60 infrastructure investments across a range of sub-sectors and geographies.

ABOUT REFRESCO

Refresco is the global independent beverage solutions provider for retailers and A-brands with production in Europe and North America. Refresco offers an extensive range of product and packaging combinations. Focused on innovation, Refresco continuously searches for new and alternative ways to improve the quality of its products and packaging combinations in line with consumer and customer demand, environmental responsibilities, and market demand. Refresco is headquartered in Rotterdam, the Netherlands and has more than 10,000 employees. www.refresco.com

ABOUT KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

ABOUT PAI PARTNERS

PAI Partners is a pre-eminent private equity firm, investing in market-leading companies across the globe. It has significant experience in the food and beverage space and is currently invested in Tropicana Brands Group, the world’s leading manufacturer of premium juice brands, Froneri, the world’s #2 ice cream manufacturer, and Ecotone, a leader in healthy and sustainable food. It manages over €17 billion of dedicated buyout funds and, since 1994, has completed 89 investments in 11 countries, representing over €65 billion in transaction value. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team, and their approach at: www.paipartners.com

ABOUT BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise across financial and business services, healthcare, industrials, consumer, and TMT sectors.

Victoria, British Columbia – BCI is proud to be recognized as one of Canada’s Top Family-Friendly Employers and one of British Columbia’s Top Employers for the third consecutive year. The awards are part of the Canada’s Top 100 Employers project produced by Mediacorp Canada Inc., which also named BCI one of Canada’s Top 100 Employers in November.

The recipients of the competition for Canada’s Top Family-Friendly Employers were released today. The editors of Canada’s Top 100 Employers evaluate employers on how they help their employees balance work and family life. Being named to this list year-after-year reflects BCI’s continued commitment to creating a supportive and inclusive work environment.

“As we enter the third year of the pandemic, understanding the needs of our employees so they can be successful both at work and at home has been critical,” says Norine Hale, executive vice president, human resources. “This includes providing flexibility and support through a variety of benefits focused on their physical and mental wellness.”

During the course of the pandemic, BCI supported employees and their families through a comprehensive benefits plan, health practitioner supports, parental leave top ups, and flexible work options. In 2021, employees were also encouraged to maintain their physical fitness through enhancements to BCI’s Physical Activity Reimbursement Program.

Last week, BCI was also recognized as one of BC’s Top Employers. With over 600 employees who live and work in British Columbia, we’re proud that the work we do help our clients build a financially secure future. This includes 12 public sector pension funds, helping secure the pensions and post-retirement group benefits of more than 690,000 plan members. We also work to support the investment objectives of our insurance fund clients — one of which provides coverage for more than 2.5 million workers and 249,000 registered employers, while another provides over three million customers in British Columbia with vehicle insurance. The remainder of our clients include public trusts, endowments, and government bodies who have funds and investments requiring professional management.

“Being recognized as one of BC’s Top Employers reflects our focus on strengthening our world-class approach to talent. Our employees are BCI’s greatest strength, and they continue to cultivate a collaborative and inclusive culture which brings out the best in everyone. All for the benefit of our clients – British Columbians,” Hale added.

Mediacorp Canada Inc. is the nation’s largest publisher of employment periodicals, reaching over 15 million Canadians each year. This is the third time that BCI has applied.

Applicants for Canada’s Top 100 Employers project are evaluated using eight criteria^[1] and are compared to other organizations in their field to determine which offers the most progressive and forward-thinking human resources programs and initiatives.

CONTACT

Gwen-Ann Chittenden, Vice President, Corporate Stakeholder Engagement

778-410-7310 | media@bci.ca

^[1] (1) Physical Workplace; (2) Work Atmosphere & Communications; (3) Financial Benefits & Compensation; (4) Health & Family-Friendly Benefits; (5) Vacation & Personal Time-Off; (6) Employee Engagement & Performance; (7) Training & Skills Development; and (8) Community Involvement.

New York – BTG Pactual Timberland Investment Group (TIG) and British Columbia Investment Management Corporation (BCI) have created Caddo Sustainable Timberlands, LP (CST), a platform company focused on building exposure to southeastern US timberlands. CST’s investment mandate is to generate superior risk-adjusted returns for investors while ensuring ecological integrity and sustainability.  John Lock has been appointed as President and Patrick Chambless as Chief Financial Officer (CFO). Prior to CST, Lock was a region manager for Arkansas and Texas for an institutional timberland management company and Chambless was a financial reporting manager for a Texas institutional timberland management company.

CST is comprised of approximately 772,000 acres of Sustainable Forestry Initiative (SFI) certified timberlands in the markets of East Texas and West Louisiana. CST’s platform includes key customers Georgia Pacific, Louisiana Pacific, International Paper, West Fraser, and Roy O. Martin.

John Lock, President of CST, said: “Having previously spent 22 years of my career managing the assets that comprise the Caddo Sustainable Timberlands, I am very familiar with the significant economic, conservation and environmental contributions these properties have made to wood consumers, East Texas communities and the forest industry, as well as the need to continue that legacy.  Our team at CST is committed to delivering exceptional stewardship, sustainability, and value through the implementation of science-based forest management practices that promote healthy, vigorous forests while protecting water quality and critical habitats.  We are also excited to partner with the Texas Forestry Association, conservation groups, local communities, and regional stakeholders to continue the rich history of timberland and natural resources management that has been the fabric of these properties and the East Texas culture for well over 100 years.”

Patrick Chambless, CFO of CST, said: “I’m grateful for the opportunity to be part of Caddo Sustainable Timberlands and work alongside John and the teams at TIG and BCI. We are striving to build a best-in-class organization that generates immediate yield on investment for our shareholders, while sustainably managing our portfolio and implementing the highest standards of environmental, social and corporate governance.”

Gerrity Lansing, Head of TIG and CST Board Director, added: “We’re thrilled to once again be partnering with BCI, one of the largest institutional investors in Canada, who shares our long-term commitment to the deep and diverse market of East Texas, as well as our emphasis on environmental and social sustainability. In John and Patrick, we’ve hired an amazing team to lead CST, who have decades of experience with these specific assets and the East Texas communities where they are located.”

Sameer Jinnah, Managing Director at BCI, added: “BCI is an active investor in the timberlands sector and CST is an example of our commitment to a market that can generate attractive risk-adjusted returns for our clients over the long term. We are excited to be working with trusted partners to continue to increase our exposure to high-quality, sustainably managed forests in core markets.”

ADDITIONAL INFORMATION

ABOUT BTG PACTUAL TIMBERLAND INVESTMENT GROUP

BTG Pactual (BPAC11) is the largest investment bank in Latin America, operating in the Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management markets. BTG Pactual Asset Management has an international presence with over US$ 100 billion in assets under management and administration. BTG Pactual Timberland Investment Group (TIG), a division of BTG Pactual Asset Management, is one of the world’s oldest and largest timberland investment managers with nearly US$ 4.5 billion in assets and commitments and 3.0 million acres under management globally as of Q3 2021. TIG is focused on achieving compelling investment returns while also applying high standards of environmental and social governance, and has a 40+ year track record with over 100 professional staff members in 15 offices around the globe, bringing local, regional, and global experience to bear on the management of client investments. For more information, please visit www.timberlandinvestmentgroup.com.

ABOUT BCI

With C$ 199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s infrastructure & renewable resources program, valued at over C$ 20.0 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

ABOUT CST

Through its subsidiaries, Crown Pine Timber 1, L.P., and Crown Pine Realty 1, Inc., CST owns interests in 772,000 acres of timberlands located in Texas. For business inquiries, please contact info@caddolp.com.

New York, NY – ATL Partners (“ATL”) and British Columbia Investment Management Corporation (“BCI”) announced today that they have entered into a definitive agreement to sell Pilot Freight Services (“Pilot”), a leading global provider of end-to-end and last mile solutions specializing in big and bulky B2C and B2B freight, to A.P. Moller – Maersk (“Maersk”) for approximately $1.7 billion in cash consideration.

ATL and BCI acquired Pilot in 2016 after identifying a structural shortage in capacity required to meet the needs of shippers and consumers, which was created by the rapid secular growth in the big and bulky segment of e-commerce home delivery and installation.  ATL and BCI partnered with management to build Pilot from a family-owned business into the second-largest provider of B2C home delivery in the United States by investing in technology, sales, and operations and acquiring additional capabilities to meet shippers’ needs.  Pilot has grown from approximately $28 million of adjusted EBITDA and 800 employees in 2016 to an estimated $127 million of adjusted EBITDA and over 2,600 employees in 2021.  Under the ownership of ATL and BCI, Pilot invested over $70 million in technology and data science to enhance and automate decision making and improve productivity.  Pilot further accelerated its organic growth through investments in sales personnel and a strategic focus on growing its e-commerce business segments.

To complement strong organic growth, Pilot successfully completed the acquisitions of seventeen franchisees, enhancing operational control and service levels, and completed the acquisitions of three third-party businesses to add capabilities and differentiate Pilot’s service offering.  To expand its e-commerce delivery offering, Pilot built out a best-in-class last mile home delivery solution through the acquisitions of Manna Freight Systems in 2018 and DSI Logistics in 2021.  Pilot significantly expanded its middle mile capabilities through the acquisition of American Linehaul Corporation in 2021, further differentiating Pilot’s market leading position with an integrated expedited ground network, enabling superior service levels and consistent access to capacity.

“We are appreciative and proud of the partnership we’ve had with the Pilot team in successfully executing on the vision of creating a differentiated, market leader to meet the growing e-commerce demand for big and bulky goods,” said Kirby Fine, Partner at ATL Partners. “ATL’s investment process centers around developing an investment theme over multiple years and partnering with a strong founder or management team to execute on that vision.  It has been extremely rewarding to work closely with the talented team at Pilot and our partners at BCI, and we look forward to their continued success with Maersk.”

“The Pilot team has executed on a range of business improvements and growth initiatives over the past several years, substantially increasing the value of Pilot, and generating significant proceeds for our pension plan and insurance clients,” said Jason Cawley, Senior Managing Director, Private Equity at BCI. “Pilot represented the first co-sponsor investment for BCI’s Private Equity strategy. We have enjoyed a fulfilling partnership with ATL and the distinguished management team at Pilot during this investment. We wish Pilot ongoing success in the future.”

Zach Pollock, CEO of Pilot said, “It has been a privilege to partner with ATL and BCI.  They had incredible foresight on where to focus our efforts and investments, and without their guidance, Pilot would not be the company it is today.  I am extremely proud of the amazing accomplishments of the entire Pilot organization.  We are excited to be joining Maersk and for the significant opportunities this new chapter brings.”

The transaction is subject to regulatory review and approval which is expected to be obtained by Q2 2022. Pilot and Maersk will operate as independent businesses and run their operations as usual until that time.

Harris Williams and Morgan Stanley & Co. LLC served as financial advisors and Gibson, Dunn & Crutcher LLP served as legal counsel to Pilot.

About ATL Partners

Founded in 2014, ATL Partners is a premier sector-focused private equity firm that invests in aerospace, transportation and logistics companies.  ATL brings deep sector expertise to its investment approach with ten investment professionals and seven Executive Board members who have decades of combined operating experience in each of ATL’s core sectors.  For more information about ATL Partners, visit www.atlpartners.com.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise across financial and business services, healthcare, industrials, consumer, and TMT sectors.

About Pilot Freight Services

Pilot Freight Services is an award-winning full-service transportation and logistics provider with 87 locations throughout North America. Pilot also has several locations in Western Europe and a presence in the Asia-Pacific marketplace. The company’s freight forwarding services encompass every mode of transportation, including air, ground and ocean, serving all corners of the globe. Pilot’s full mile and final mile home delivery solutions for heavy and hard to handle goods include value-added service offerings such as white glove, assembly and installation.  Pilot’s logistics programs offer a complete line of expedited and time-definite services, international shipping solutions, product warehousing and inventory management. Learn more about Pilot Freight Services at www.PilotDelivers.com.

ATL PR contact:

Nathaniel Garnick

Gasthalter & Co.

T: (212) 257-4170

BCI media contact:

Gwen-Ann Chittenden

Vice President, Corporate Stakeholder Engagement, BCI

media@bci.ca

BCI is honoured to receive the CFA Society Victoria’s inaugural Community Champion Award, which was presented at the organization’s 13^th Annual Forecast Dinner on January 27. Lincoln Webb, BCI’s executive vice president & global head of infrastructure & renewable resources, and a CFA charterholder, accepted the award on behalf of BCI.

“Each and every year we are finding new opportunities with CFA Society Victoria to have a positive impact on the careers of investment professionals and build the investment management community in Victoria. We look forward to many more years of working together,” said Lincoln.

The investment industry is knowledge intensive. As an active in-house asset manager, BCI depends on the specialized skills and expertise of its people to successfully execute its world-class investment strategies and fulfill client needs. The CFA designation and engagement with local CFA Societies adds value for our investment professionals.

As one of the largest employers of CFA charterholders in Victoria, BCI has been a key partner and champion for the CFA Society Victoria and currently employs more than 70 CFA charterholders registered as members of the local Victoria chapter.

The Community Champion Award recognizes BCI for more than 20 years of support for the CFA Society Victoria and its membership. Highlights include long-standing sponsorship of events, like the annual forecast dinner, partnering on initiatives and programs, such as joint efforts with the CFA Institute Research Foundation and Women in Capital Markets to advance equity, diversity and inclusion in our industry, and ongoing support for employees. BCI offers financial support, coordinated study tools and groups, and access to professional development to colleagues who are pursuing or have achieved their CFA designations.

BCI is also engaged with the CFA Society Victoria on developing the next generation of investment professionals and leaders in our industry through support for the University of Victoria’s Applied Portfolio Management Program, which is a collaboration between CFA Society Victoria, CFA Institute, UVic Continuing Studies, UVic Economics and the Peter B. Gustavson School of Business that gives students hands-on portfolio management experience.

BCI is proud to support the CFA Society Victoria and its mission to promote the highest standards of ethics, education, and professional excellence within the investment profession.

For more information, please contact media@bci.ca