OTPP agrees to buy majority stake in Seven Investment Management

• Caledonia first invested in 7IM in 2015
• OTPP is a global investor with net assets of C$249.8bn
• Caledonia is a self-managed investment firm based in London

Ontario Teachers’ Pension Plan Board (OTPP) has entered into a definitive agreement to acquire a majority stake in Seven Investment Management (7IM), a wealth manager, from Caledonia Investments.

The enterprise value was between £400 million ($502 million; €467 million) and £450 million, according to sources familiar with the matter.

7IM is a client centric, technology-driven wealth and investment manager with around £21 billion of assets. The company is headquartered in London and Edinburgh, Scotland.

“We intend to leverage our sector expertise and flexible capital to accelerate 7IM’s growth organically and through M&A,” said Iñaki Echave, senior MD at OTPP. “We look forward to helping 7IM’s first-class management team to fulfil their ambitious growth plans.”

The transaction is subject to regulatory approval.

Caledonia initially invested in 7IM in 2015.

OTPP is a global investor with net assets of C$249.8 billion as of 30 June. The firm is based in Toronto, Ontario, with offices in Hong Kong, London, Mumbai, San Francisco, and Singapore. Its recent transactions in the financial services sector include Allworth, Diot-Siaci, and HomeEquity Bank.

Caledonia is a self-managed investment firm that manages assets of around £2.8 billion. The firm is based in London.