Ontario Teachers’ Announces Agreement to Acquire Majority Stake in Vantage Elevator Solutions

Bronx, New York | October 2021

Ontario Teachers’ Pension Plan Board (“Ontario Teachers'”), today announced an agreement to acquire a majority stake in Vantage Elevator Solutions (“Vantage”), a leading North American designer, manufacturer and distributor of elevator components and systems. As part of the transaction, Vantage’s current owner, Golden Gate Capital, will retain a significant minority ownership stake in the company. L Capital originally invested in Vantage Elevator alongside Golden Gate Capital in September 2017 via L Capital Fund I LP.

Vantage is a leading North American elevator component manufacturer, providing a broad portfolio of parts and components used in elevator systems, including door operators, traction machines, and controllers, among others. The company is comprised of eight business units including GAL; GAL Canada; Hollister-Whitney; Elevator Controls; Courion; Thames Valley Controls; Vertical Dimensions; and Bore-Max. Vantage supplies almost all electro-mechanical devices used in contemporary elevators to independent elevator service companies and OEM service organizations engaged in the installation, maintenance and modernization of elevators.

“We are thrilled to acquire a majority stake in Vantage. The company has a strong portfolio of brands and solid market position among elevator components manufacturers,” said Karen Frank, Senior Managing Director, Equities at Ontario Teachers’. “We are attracted to the strong resilience of the sector, as well as the growth potential in this segment. We look forward to partnering with CEO Ron Cauchi, the Vantage management team and Golden Gate Capital to support the business as it enters its next stage of growth.”

“We are excited about this new partnership with Ontario Teachers’. The company’s strong track record investing in leading diversified industrial businesses along with its active approach to value creation make it a perfect fit for us,” said Ron Cauchi, President and CEO at Vantage. “I want to thank Golden Gate Capital for their valued partnership since 2017 and am glad that they will remain a part of our ownership group as we continue to grow our business in the years to come.”

“We have enjoyed a highly productive partnership with the talented Vantage team over the past four and a half years and look forward to continuing to support the company alongside Ontario Teachers’ moving forward,” said Felix Lo, a Managing Director at Golden Gate Capital. “Since our initial investment in 2017, Vantage has driven exceptional growth through five strategic acquisitions and a successful rebranding, while maintaining its over 90-year legacy of delivering superior products and outstanding service to its large base of longstanding customers.”

Vantage is the latest investment by Ontario Teachers’ Private Capital team in high-performing diversified industrial businesses. Recent investments include TricorBraun, North America’s largest primary packaging distributor, and Logoplaste, a leading global designer and manufacturer of innovative and sustainable rigid plastic packaging solutions.

The transaction is expected to close before the end of 2021.

Harris Williams LLC served as lead financial advisor, Baird served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Nob Hill Law Group, P.C. served as legal advisors to Vantage and Golden Gate Capital. RBC Capital Markets, LLC served as the financial advisor and Weil, Gotshal & Manges LLP served as the legal advisor to Ontario Teachers’.

About Ontario Teachers’

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its EuropeMiddle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers. For more information, visit .

About Vantage Elevator Solutions

Vantage Elevator Solutions is North America’s leading independent manufacturer of elevator components and systems for new equipment applications, equipment upgrade projects and service replacement parts. Vantage is comprised of eight business units including GAL Manufacturing Company and GAL Canada; Hollister-Whitney Elevator Corporation; Elevator Controls Corporation; Courion; Bore-Max; Thames Valley Controls; and Vertical Dimensions. Through its brands, Vantage supplies almost all electro-mechanical devices used in contemporary elevators. Vantage sells its products to a diverse range of customers including hundreds of independent elevator contractors, in addition to several well-known multi-national elevator companies. Founded in 1927, the Vantage group employs approximately 900 staff in multiple locations across the United StatesCanada and the United Kingdom.

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Active Minerals, ANGUS, Antylia Scientific and Covia. For more information, visit

About L Capital 

L Capital is a specialty private equity firm focused on the technology, business services, consumer and industrial sectors. L Capital makes equity co-investments alongside leading buyout and growth equity funds and provides advisory services including diligence support and deal origination.

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