Category: Uncategorised

Highlights

• • One-year return of 16.5%
  • 10-year annualized return of 9.0%, representing $10.2 billion in added value
  • Five-year annualized return of 9.3%, representing $4.0 billion in added value
  • Assets under management increased by $28.3 billion to $199.6 billion in fiscal year 2021

VICTORIA, BC (July 26, 2021): British Columbia Investment Management Corporation (BCI) today published our Corporate Annual Report announcing we ended our fiscal year on March 31, 2021, with $199.6 billion of assets under management and delivered a 16.5 per cent one-year return for our combined pension plan clients, net of all fees. The $28.3 billion increase of assets under management reflects investment gains of $27.4 billion and $900 million of client net contributions.

“Thanks to the trust and confidence of our clients and the skill and commitment of our employees, we look back at a difficult and challenging year with a sense of accomplishment and pride,” said Gordon J. Fyfe, chief executive officer / chief investment officer of BCI.

“We managed through the market crisis while protecting the safety of our employees and doing our part to flatten the curve of COVID-19. Our investment performance reflects the strength and resiliency of the portfolios across the asset classes and our focus on owning quality companies for the long term.”

Over the past six years, BCI has transformed to an active in-house asset manager. We continue to focus on diversification across a wide range of asset classes to meet our clients’ long-term investment objectives and risk profiles. By generating reliable investment returns, our work supports pension benefits for 690,000 British Columbians, provides for stability in insurance premiums, and helps finance government programs.

Our long-term results remain the best measure of our performance – for every $100 a pension plan member receives in retirement benefits, on average, $75 is provided by BCI’s investment activity. Over the 10-year period, BCI has generated an annualized return for the combined pension plan clients of 9.0 per cent against a benchmark of 7.9 per cent, contributing $10.2 billion in added value. Our five-year annualized return is 9.3 per cent against a benchmark of 8.7 per cent, representing $4.0 billion in added value.

While BCI’s one-year return slightly lagged the combined market benchmark, our longer-term returns exceed our six major pension plan clients’ required actuarial rates of return that currently range between 5.65 per cent and 6.75 per cent, improving their funding ratios. Our clients entered the pandemic in a well-funded position – ranging from 103 per cent to 128 per cent – and, as a result, now have greater flexibility for longer-term planning and allocation of capital for the benefit of their members.

“Over the past six years, BCI has invested in our people and systems, focused on strengthening our processes, and built the resiliency of the team through business continuity planning and regular crisis management exercises,” said Gordon J. Fyfe.

“All of this came to fruition during the pandemic where the entire team successfully pivoted and adapted to a largely remote working environment while maintaining our focus on putting our clients first.”

As the pandemic started to impact the capital markets, BCI seamlessly transitioned our 590-member team, almost overnight, to a remote working environment. We employed our strategies for managing our clients’ portfolios in a downturn by ensuring sufficient liquidity and positioning our clients to capture investment opportunities within a dislocated market. We found high-quality opportunities without having to sell assets.

BCI maintained a diversified and disciplined approach to the market volatility associated with the COVID-19 pandemic. Prioritizing our clients’ long-term objectives prevented overreactions to temporary market movements. We avoided the short-term trends, high-risk gains, and riskier investments that drove the rapid market recovery in the fiscal first quarter.

Underpinning our success was our focus on employee health and safety. We adapted existing training and development programs to the virtual environment, introduced courses to equip staff with techniques for remote working, and offered new programs to support employee health and wellness.

At BCI, we believe a focus on diverse talent drives broad insight, a deeper understanding of our clients, and fosters a culture of inclusivity where employees can thrive. In fiscal 2021, we developed a three-year diversity and inclusion strategy and hired a manager of diversity and inclusion to further our commitment to accessing great talent, retaining our highly skilled people, driving business insight, and ultimately delivering long-term returns to our clients.

“We have reached a significant milestone in BCI’s history, ending the year with $200 billion in assets,” said Gordon J. Fyfe.

“Overall, fiscal 2021 demonstrated the success of BCI’s transformation, the strength of the portfolio, and the skill and commitment of the entire BCI team.”

Looking ahead, BCI is also releasing our fiscal 2022-2024 Business Plan. It will allow us to continue leveraging our competitive advantages to meet the needs of our clients. The plan outlines how we will build on our transformation with four strategic ambitions: strengthening our value to clients; optimizing risk-adjusted returns; leveraging technology; and developing our talent.

“At the core of our business, we will continue to manage towards achieving optimal risk-adjusted net returns. Behind the scenes, we will build on the foundation we laid by continuing to invest in our people, technology, and operational capabilities,” said Gordon J. Fyfe.

PUBLIC MARKETS

Public markets, composed of fixed income and public equity investments, represents $137.8 billion and accounts for 69.1 per cent of net assets under management.

BCI’s fixed income program represents $71.2 billion, up from $57.1 billion at the end of the previous fiscal year, and 35.7 per cent of net assets under management. The program invests in public and private market debt and oversees our exposure to foreign currency. In fiscal 2021, the program benefited from defensive positioning pre-pandemic, providing the ability to act on several opportunities within a dislocated market, resulting in a strong performance in relative and absolute returns. We continued diversifying investments through the Canadian Universe Bond Fund, Corporate Bond Fund, Government Bond Fund, and the Principal Credit Fund.

Our $66.6 billion public equities program, an increase from $55.7 billion in fiscal 2020, represents 33.4 per cent of net assets under management. Public equities delivered a solid performance in fiscal 2021 in an unprecedented volatile market environment. We took advantage of price dislocations and favourable conditions to buy quality assets at attractive prices for our clients. BCI initiated new positions and built on existing positions in the following pooled funds: Active Canadian Equity; Active Canadian Small Cap Equity; Active Global Equity; Active U.S. Small Cap Equity; Global Partnership Fund; and Thematic Public Equity.

The program continued internalizing active equities, increasing the amount of actively managed internal equities by transitioning more than $3.0 billion from external managers, and focusing on opportunities to invest directly in public companies.

In addition to fixed income and public equities, our public markets program manages $14.4 billion of leverage, representing (7.3) per cent of total assets under management.

PRIVATE EQUITY

Private equity represents $20.7 billion and 10.4 per cent of net assets under management, compared with $17.9 billion at the end of fiscal 2020. With a sector-focused strategy, the program committed $2.6 billion total during the calendar year 2020.

The program invests directly in private companies on our own and with strategic partners, and indirectly through our fund investments. BCI focuses on the business services, consumer, financial services, healthcare, industrials, technology, media, and communications sectors.

In fiscal 2021, the program invested $900 million in six direct investments diversified by sector and geography, and we committed $1.7 billion across 13 funds.

In addition, the program also completed a partial sale of a direct investment to a like-minded investor, providing realized cash proceeds of approximately $500 million and retaining a significant interest in the company as it continues to increase its market share.

The program capitalized on close relationships with management at portfolio companies and collaborated on best practices to protect the value of our clients’ investments. As well, BCI’s extensive networks and reputation as a trusted co-investor allowed the program to source new private market opportunities despite ongoing travel restrictions.

INFRASTRUCTURE & RENEWABLE RESOURCES

Our infrastructure & renewable resources program represents $20.0 billion and 10.0 per cent of net assets under management, compared with $18.3 billion at the end of fiscal 2020. Through the year ending December 31, 2020, the investment team reviewed opportunities across a variety of sectors and geographies – ultimately committing $2.0 billion on behalf of our clients.

Historically, the program has made material equity investments that allow BCI to pursue an active governance approach with our portfolio companies. The program is diversified by geographic region and sector and consists of a global portfolio of regulated utilities in the water, electricity, and gas sectors, as well as holdings in the digital infrastructure and transportation sectors. Timberlands, farmlands, and agri-businesses are also held within the program.

This past year, our holdings in the regulated utility sector performed well despite the global pandemic, with strong operational results and, in many cases, growing demand for their essential services. In addition, the program saw good overall performance from our agricultural and timberlands portfolio holdings.

Notable new investments included the acquisition of an ownership stake, alongside other institutional partners, in a high-quality portfolio of approximately 136,000 communication towers in India. In addition to being the country’s largest private market transaction, the portfolio provides a well-positioned platform to participate in further growth and development of the digital marketplace within India.

During the year, BCI further increased our investment in Teays River Investments LLC, a U.S.-based platform company with interests in multiple food and agricultural-focused businesses. The new capital allowed the company to complete the acquisition of Grimmway Farms – one of North America’s largest organic vegetable producers with activities across 65 organic crops and more than 135 seasonal and year-round product offerings.

REAL ESTATE AND MORTGAGES

QuadReal Property Group (QuadReal), a company owned by BCI and created in 2016, actively manages our clients’ real estate and mortgage investment portfolios. The two programs represent $35.5 billion or 17.8 per cent of net assets under management.

The $28.5 billion real estate program accounts for 14.3 per cent of BCI’s assets under management, compared to $25.5 billion at the end of fiscal 2020. After early-year volatility that led to lingering uncertainty through much of the year, QuadReal saw asset values stabilize and marginally rebound in certain sectors and geographies. There was a broadening rebound in both tenant and investment activity in the second half of 2020, with sizeable new commitments and acquisitions in Canada and internationally.

Despite the challenges of investing during a global pandemic, QuadReal is closer to reaching the objective of a 50/50 allocation between the Canadian and international real estate portfolios. BCI’s partnership in Canada with RBC Global Asset Management (RBC GAM) was extended, as planned, enabling both to partner on a portfolio valued at over $7.5 billion.

While maintaining low leverage levels, QuadReal accessed debt markets to capitalize on the low interest rate environment and investor demand for ESG-focused assets by issuing $750 million in green bonds through two offerings. Proceeds support QuadReal’s qualifying expenditures on green buildings, renewable energy, resource and energy efficiency, pollution prevention, clean transportation, and climate change adaptation.

The $7.0 billion mortgage program accounts for 3.5 per cent of BCI’s net assets under management, compared with $6.5 billion at the end of fiscal 2020. Many of QuadReal’s borrowers were impacted by the pandemic, particularly those with retail, hospitality, or service-related tenants. The team assessed all loans to determine repayment ability and risk in the circumstances. For some loans, they worked with borrowers to allow payment deferrals and loan extensions and to structure enhanced loan security and reporting where applicable. Three of the four mortgage funds within the mortgage program delivered positive results for the nine-month period from April 1 to December 31, 2020 and outperformed their benchmarks. QuadReal committed $688 million to the U.S. portfolio and $422 million to the Canadian portfolio, and developed new lending relationships.

Effective January 2021, BCI and QuadReal, in collaboration with our clients, consolidated the four mortgage pooled funds — Construction Mortgage Fund, Mezzanine Mortgage Fund, Fixed Term Mortgage Fund, and U.S. Mortgage Opportunity Fund — into one program, the BCI QuadReal Mortgage Program. By combining separate mortgage pools with similar investment objectives and characteristics, QuadReal will realize efficiencies and increase potential returns through diversification.

OUR COSTS

BCI is committed to maintaining fiscal discipline as we continue to expand our global investment footprint. Our active, in-house asset management model requires robust systems and processes, and a growing complement of specialized expertise. Cost advantages arise from the economies of scale that come with managing $199.6 billion, pooling assets, and managing 77.3 per cent of assets in-house.

BCI’s total costs, consisting of internal, external direct, and external indirect costs, were $1.6 billion or 88.5 cents per $100 of assets under management for fiscal 2021, all of which are netted against investment returns. This compares to total costs of $1.3 billion or 79.0 cents per $100 in fiscal 2020.

INVESTMENT AND CORPORATE HIGHLIGHTS

• Partnered with global investors to acquire a telecom tower company, BCI’s first direct infrastructure investment in India
• Transitioned more than $3.0 billion from external managers to internally managed public equities
• Reached $1.4 billion in cumulative historical participation in sustainable bonds, compared to $439 million in fiscal 2020
• QuadReal issued $750 million in green bonds and is one of the top three Canadian issuers
• Launched our diversity and inclusion strategy to strengthen diversity and foster an inclusive culture at BCI
• Named as one of BC’s Top Employers and one of Canada’s Top 100 Employers for the second consecutive year
• Successfully transitioned a 590-member BCI team to a remote working environment
• Developed and implemented our F2022-F2024 Business Plan, outlining our four strategic ambitions: strengthening our value to clients; optimizing risk-adjusted returns; leveraging technology; and developing our talent.

For more information on BCI’s fiscal 2021 performance, please download our F2021 Corporate Annual Report here.

ABOUT BCI

With $199.6 billion of managed assets, British Columbia Investment Management Corporation (BCI) is the provider of investment management services to British Columbia’s public sector. We generate the investment returns that help our institutional clients build financially secure futures. As of March 31, 2021, BCI has 30 clients in three separate classifications: Pension Funds, Insurance Funds, and Special Purpose Funds. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk/return requirements over time. We offer investment options across a range of asset classes: fixed income; public and private equity; infrastructure & renewable resources; real estate, and commercial mortgages. For more information, visit our website BCI.ca or follow us on LinkedIn.

CONTACT

Ben O’Hara-Byrne, senior manager, external stakeholder engagement,

communication@bci.ca

Victoria, British Columbia – British Columbia Investment Management Corporation (BCI) is pleased to announce the appointment of Ramy Rayes as acting executive vice president, investment strategy & risk. He is responsible for setting, implementing, and monitoring our clients’ investment strategies and providing independent advice to BCI’s stakeholders.

Rayes joined BCI in 2016 and previously served as vice president of strategic asset allocation, where he was responsible for research and recommendations related to clients’ asset allocation, investment strategies, and a wide range of other investment topics.

Rayes replaces Stefan Dunatov, who is joining the Abu Dhabi Investment Council (ADIC) in the role of chief strategist. Dunatov joined BCI in 2017 and helped expand BCI’s investment strategies and risk capabilities. Dunatov also represented BCI on several boards and committees, including the QuadReal board of directors.

“On behalf of our executive management team, I want to thank Stefan Dunatov for his strong support of our client objectives and his leadership and vision to evolve BCI’s approach to investment strategy and risk. We wish him tremendous success in his new role,” said Gordon J. Fyfe, BCI’s CEO/CIO.

“While it was a difficult decision to leave BCI, my family and I are very excited for this new opportunity and adventure. I have every confidence in Ramy Rayes’ leadership, and I know the team will continue to thrive in his capable hands until my replacement is found,” said Dunatov.

A comprehensive executive search for a permanent candidate to fill the role is currently underway. We expect to continue our existing delivery of services throughout this leadership change.

To enhance our private equity program, on July 1, 2021, BCI finalized a property lease in New York City (NYC) to establish our first office outside of Canada.

We have significant capital to deploy directly and with partners to our targeted sectors, including healthcare, industrials, financial services, technology and telecommunications, and business and consumer services. As a long-term, global investor, BCI has existing investment partnerships in NYC. Establishing a local private equity team in the largest global investment hub will foster new relationships, while generating additional opportunities to invest capital through our direct and fund investment programs.

The opening of this office is an important step in our evolution and delivery of our purpose: to contribute to the financial retirement security of our clients’ more than 675,000 pension plan members and to allow our insurance clients to provide coverage for over 2.5 million workers and 240,000 registered employers, as well as provide auto insurance to B.C. motorists.

We anticipate a possession date in early 2022 and will share more details as work to establish the office progresses.

Contact

Ben O’Hara-Byrne, Senior Manager, External Stakeholder Engagement.

778-410-7310, communication@bci.ca

NEW YORK – Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, in partnership with British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, announced they have signed a definitive agreement to invest in PS Logistics.

As the largest and fastest-growing flatbed transportation and full-service logistics provider in the United States, PS Logistics employs a “Driver-First” culture to transport general flatbed commodities with a specialization in irregular route service in the continental United States.

“The combination of our exceptional team, with the resources we will gain through our relationship with Gamut and BCI, will enable PS Logistics to accelerate our growth while continuing to provide best-in-class services to our customers,” said Scott Smith, CEO of PS Logistics.

Stan Parker, Founding Partner of Gamut, said, “We are excited to partner with Scott and his seasoned management team to enhance their market leading platform and accelerate their growth trajectory. As the leading player in the large and fragmented flatbed trucking market, PS Logistics’ dedicated drivers, expansive freight network and young fleet are poised to continue delivering great value to both new and longstanding customers in search of comprehensive cross-country coverage and services.”

“As a long-term investor, we seek market-leading companies with a demonstrated track record of creating shareholder value, like PS Logistics. We look forward to working with the founder-led management team and Gamut to support the company’s future growth”, said Aaron Papps, Senior Portfolio Manager at BCI. “The continued growth and success of PS Logistics will provide compelling risk-adjusted returns for our pension plan and insurance fund clients.”

Financial terms of the transaction are not disclosed. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of this year.

RBC Capital Markets, Credit Suisse and Deutsche Bank Securities Inc. served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Gamut and BCI, and Weil, Gotshal & Manges LLP served as separate legal counsel to BCI. UBS Investment Bank served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to PS Logistics. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities Inc. and Wells Fargo Bank, N.A. are providing financing commitments for the transaction, subject to customary terms and conditions.

About PS Logistics

Founded in 2004 and headquartered in Birmingham, AL, PS Logistics is one of the largest and fastest growing flatbed transportation and logistics providers in the United States. PS Logistics provides full-service transportation services, including asset-based transportation, non-asset-based transportation, brokerage, third-party logistics managed transportation, warehousing, and supply chain services. This hybrid model delivers optimal flexibility to address customer’s flatbed transportation needs across various industries throughout the United States. For more information, visit: www.pslogistics.com.

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing $1.2 billion in assets focused on the middle market. Founded in 2015, senior deal professionals have executed investments in over 50 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.

About BCI

With C$171.3 billion of assets under management as of March 31, 2020, 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$17.9 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 30 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors. For more information about BCI, please visit www.bci.ca.

Media Contacts

For Gamut:

Prosek Partners

(973) 908 – 4463

Pro-gamut@prosek.com

For BCI:

Ben O’Hara-Byrne

Sr. Manager, External Stakeholder Engagement

Email: communication@bci.ca

VICTORIA, BC – Today, British Columbia Investment Management Corporation (BCI) published our 2020 ESG Annual Report, an in-depth look at how we capture investment opportunities and manage long-term financial risks associated with environmental, social, and governance (ESG) matters on behalf of our clients.

This year’s report demonstrates progress made in implementing the four components of our corporate-wide ESG Strategy: Integrate; Influence; Invest; and Insight; and on achieving the goals of our Climate Action Plan. It provides updates on our reporting in line with the Task Force on Climate-related Financial Disclosures (TCFD). The report further showcases examples of our ESG-related activities across the corporation and our work with our investment companies and the broader capital markets.

Over the past six years, BCI has transformed into an active, in-house asset manager and increased the capabilities of our internal team. Our longstanding commitment to ESG has also evolved into a coordinated and consistent approach that integrates ESG across the corporation.

“BCI exists to deliver the long-term returns our clients require to fulfill their mandates,” said Gordon J. Fyfe, CEO/CIO of BCI.

“Factoring environmental, social, and governance (ESG) into our investment decisions across all asset classes is an integral part of helping meet those goals.”

Highlights from the 2020 ESG Annual Report include:

Climate Action

• Expanding our carbon footprint reporting to include all asset classes
• Growing our measured exposure to climate-related investment opportunities to $3 billion
• Introducing updated proxy voting guidelines raising our expectations on addressing climate change risk and disclosure
• Leading or co-leading on engagement with four North American companies in the oil and gas and mining industries as part of the Climate Action 100+ initiative

Integrate

• Completing more than 225 detailed ESG reviews across private and public markets
• Developing an in-house framework to assess the potential impact of long-term systemic ESG opportunities and risks, such as climate change, on the total portfolio and potential investments

Influence

• Participating in seven collaborative engagements in public markets, covering 633 companies on ESG-related matters
• Joining Canadian and global peers to advocate for ESG disclosure, diversity and inclusion, and sustainable capital markets

Invest

• Increasing our cumulative historical participation in sustainable bonds to $888 million, up from $356 million in 2019. BCI’s strategies in fixed income will lead to an estimated cumulative participation of $5 billion in sustainable bonds by 2025
• Jointly establishing the SDI Asset Owner Platform alongside APG, AustralianSuper and PGGM to provide a globally consistent standard for investing in the UN Sustainable Development Goals.
• QuadReal Property Group releasing its Green Bond Framework and closing its $350 million inaugural green bond senior note offering

Insight

• Leveraging and sharing information from our global private equity portfolio to support pandemic response across the portfolio
• Developing human capital guidance to provide investment companies near-term clarity and long-term expectations related to the pandemic

Looking to the future, BCI will continue to develop investment strategies that create sustainable value in a changing world. This includes proactively using ESG to create value while managing risk.

Contact:

Ben O’Hara-Byrne, Senior Manager, External Stakeholder Engagement.

communication@bci.ca

New York – BTG Pactual announced that a consortium led by its Timberland Investment Group (TIG), along with British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, and APG, one of the world’s largest pension providers, has agreed to acquire Chilean timberland asset from Arauco for US$385.5 million.

The transaction is comprised of approximately 80,500 hectares of high-quality, sustainably-managed timberlands in the central and southern regions of Chile and will establish the consortium’s timberland presence in the country.

The acquisition supports the consortium’s strategy of investing in timberland assets around the world that can achieve compelling investment returns, while applying high standards of environmental and social governance. The timberlands in this transaction have all been certified with Arauco by the Forest Stewardship Council (FSC).

Gerrity Lansing, Head of TIG and MD Partner at BTG Pactual, added: “The Timberland Investment Group has been searching for an opportunity to establish our presence in Chile for more than a decade. This transaction offers both the scale and high-sustainability requirements we’ve been looking for and we are pleased to be investing alongside BCI and APG, two of the world’s leading institutional investors.”

Lincoln Webb, Executive Vice President and Global Head, Infrastructure & Renewable Resources at BCI added: “As an active investor, we are excited by the opportunity to expand our global infrastructure and renewable resources program in Latin America with trusted partners. The investment provides compelling risk-adjusted returns for our pension plan and insurance fund clients, and increases our exposure to high-quality, sustainably managed forests.”

“This transaction not only helps us realize profitable and long-term returns for our pension fund client ABP and their participants, it also matches our ambition to partner with like-minded investors to make investments that contribute to the UN Sustainable Development Goals”, added Vittor Cancian, Senior Portfolio Manager at APG, “The timberland assets we are buying are all certified under Arauco’s group FSC certification to ensure that they are being managed in a way that is environmentally responsible, preserves biological diversity and benefits the lives of local people and workers. The FSC system also allows businesses and consumers to identify, purchase and use wood, paper and other forest products made with materials from well-managed forests or recycled sources.”

The transaction is subject to customary closing conditions, including antitrust approvals, and is expected to close in the third quarter of 2021.

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$70 billion in assets under management and administration. BTG Pactual Timberland Investment Group (TIG), a division of BTG Pactual Asset Management, is one of the world’s oldest and largest timberland investment managers with nearly US$ 4 billion in assets and commitments and 2.6 million acres under management globally. 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 16 offices around the globe, bringing local, regional, and global experience to bear on the management of client investments. www.timberlandinvestmentgroup.com.

ABOUT BCI

With C$171.3 billion of assets under management as of March 31, 2020, 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$18.3 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 APG

As the largest pension provider in the Netherlands, APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €577 billion in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing. For more information, please visit www.apg.nl.

Compre, the international specialist legacy group, today announces the successful completion of its acquisition by private equity firm Cinven and British Columbia Investment Management Corporation (“BCI”), having received all necessary regulatory approvals.

Cinven and BCI are now the majority shareholders alongside Compre’s management team who remain in their roles and as minority shareholders.

Compre CEO Will Bridger said: “I am delighted that all regulatory approvals have now been granted, which allows us to press on with new partners Cinven and BCI toward our ambitious growth.

I am also delighted that former PartnerRe Chief Executive, Emmanuel Clarke and former CEO of AXA Belgium Frank Koster will join our Board as Non-Executive Directors with Emmanuel also assuming the position of chairman of the Group. I have no doubt that their long and deep insurance expertise will be invaluable to us as we grow.

My thanks again to CBPE for their continuous support since 2015, which enabled us to build a profitable and sustainable business. With Cinven’s and BCI’s support and investment I look forward to bringing the client-centric approach Compre has built its reputation on across all our markets, making Compre the industry’s legacy partner of choice.”

For further information please contact

David Haggie / Richard Adams / Shipra Khanna, Haggie Partners

+44 20 7562 4444

Notes to Editors

Compre is a leading legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business. We have experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, the UK and at Lloyd’s.

Our track record includes the acquisition of companies in run-off, transfers of legacy business portfolios, the provision of reinsurance solutions and the subsequent management and closure of run-off liabilities. Solutions are tailored to meet the specific requirements of the vendor in relation to their legacy portfolios and cover economic, legal and administrative finality.

www.compre-group.com

About BCI

With C$171.3 billion of assets under management as of March 31, 2020, 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$17.9 billion of assets under management, is a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 30 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors.

For more information about BCI, please visit www.bci.ca.

About Cinven

Cinven is a leading international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Limited, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.

In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo 1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.

MONTREAL (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) is pleased to announce that it has completed its previously announced acquisition of Enterra Holdings Ltd., the holding company of Golder Associates (“Golder”), through a plan of arrangement pursuant to the Companies Act (Nova Scotia) (the “Acquisition”). Golder is a global consulting firm with approximately 7,000 employees and 60 years of experience in providing earth sciences and environmental consulting services.

The aggregate cash consideration payable in connection with the Acquisition is approximately US$1.14 billion (approximately C$1.4 billion), which was paid in cash. The Acquisition and other related transaction costs were financed using the proceeds from the Corporation’s previously closed C$310 million private placements of subscription receipts with GIC Pte. Ltd., and British Columbia Investment Management Corporation, and new bank financing term loans.

“Today we have reached a transformational milestone for WSP, Golder and our 54,000 employees around the world as we begin our journey together as the leading global environmental consulting firm,” said Alexandre L’Heureux, President and Chief Executive Officer of WSP. “This acquisition directly contributes to the realization of the goals we laid out in our 2019-2021 Global Strategic Plan. We expect that the addition of Golder will contribute to both strategic growth and value creation for many years to come.”

“Over the past few months, both WSP and Golder’s leadership teams have been working together to build the foundation necessary to ensure we are unlocking the full potential of our increased scale and broader, deeper range of solutions to tackle key environmental and ESG challenges around the world. I am confident that our focus on technical excellence and shared passion for innovation and collaboration will facilitate integration, while providing professional development opportunities for our employees and long-term value for our communities, clients and shareholders,” added Alexandre L’Heureux.

Additionally, leaders from Golder will be taking strategic positions within both the Corporation’s operating regions and support functions, creating a truly diverse, inclusive and collaborative platform maximizing integration success with WSP’s existing leadership.

“Golder was built by generations of pioneering, passionate, and caring world-class experts that collectively created one of the most iconic global brands in the industry, underpinned by a strong inclusive culture with technical excellence and innovation at its core,” said Dr. Hisham Mahmoud, Global President and Chief Executive Officer of Golder, who previously announced that he will be retiring from his role. “I believe the combination of Golder and WSP will create significant value for our clients and opportunities for our people. I’ve been impressed with what our teams have already accomplished in planning for the integration, further confirming a shared excitement for the future.”

“I would like to thank Dr. Hisham Mahmoud for bringing Golder to this point in its journey, as one of the most successful and respected brands in the industry. We wish him continued success in his future endeavors,” stated Alexandre L’Heureux.

EXECUTIVE LEADERSHIP APPOINTMENT IN CANADA

Marie-Claude Dumas has been named President and CEO of WSP in Canada, replacing Ryan Brain who will ensure a smooth transition. Since joining WSP in January 2020, Ms. Dumas has served as Global Director, Major Projects & Programs/Executive Market Leader – Quebec, working closely with our Global and Canadian operations and leadership. A member of the Ordre des ingénieurs du Québec, Ms. Dumas brings a proven track record as a global engineering and construction executive with over 20 years of multi-disciplinary management and consulting experience acquired with several multinationals.

“As we have entered the last year of our strategic cycle, we are confident that Marie-Claude’s extensive technical background, combined with her track record in major project delivery, will set the foundation for sustained growth at WSP in Canada, in addition to capturing the benefits offered by the Golder acquisition. We thank Ryan Brain for his contribution to the success of WSP’s Canadian operations during his tenure and for his ongoing support during the transition,” said Alexandre L’Heureux.

“After witnessing firsthand, the undeniable talent and level of expertise of WSP in Canada over the past year, I am proud to continue to work alongside the Canadian leadership team as we pursue the organization’s strategic ambitions to further our client centric approach and people development initiatives,” said Marie-Claude Dumas.

ABOUT WSP
As one of the world’s leading professional services firms, WSP provides engineering and design services to clients in the Transportation & Infrastructure, Property & Buildings, Environment, Power & Energy, Resources and Industry sectors, as well as offering strategic advisory services. WSP’s global experts include engineers, advisors, technicians, scientists, architects, planners, environmental specialists and surveyors, in addition to other design, program and construction management professionals. Our talented people are well positioned to deliver successful and sustainable projects, wherever clients need us. For more information about WSP, please visit www.wsp.com

FORWARD-LOOKING STATEMENTS
This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this press release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to the Corporation, an affiliate of the Corporation or the combined firm following the Acquisition, are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, those information and statements related to the Acquisition and benefits of the Acquisition, and the Corporation’s future growth, results of operations, performance business, prospects and opportunities, the expected synergies to be realized and certain expected financial ratios. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements, including risks and uncertainties relating to the following: the possible failure to realize anticipated benefits of the Acquisition, the integration of Golder’s business, the loss of certain key personnel of Golder, the possible failure to achieve the anticipated synergies, increased indebtedness, transitional risk, potential undisclosed costs or liabilities associated with the Acquisition, the reliance on information provided by Golder, change of control and other similar provisions and fees, the nature of acquisitions, the fact that the combined firm will continue to face the same risks that the Corporation currently faces, potential litigation and other factors discussed or referred to in the “Risk Factors” section of WSP’s Management’s Discussion and Analysis for the year ended December 31, 2020 (the “MD&A”), which is available under WSP’s profile on SEDAR at www.sedar.com. The foregoing list is not exhaustive and other unknown or unpredictable factors could also have a material adverse effect on the performance or results of WSP or Golder. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For additional information on this cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP’s actual or projected results, reference is made to the MD&A, which is available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and except as required under applicable securities laws, WSP does not undertake to update or revise these forward-looking statements, whether written or verbal, that may be made from time to time by itself or on its behalf, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Alain Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317