Canada’s CPPIB acquires minority stake in France’s Orpea

By Euan Rocha TORONTO (Reuters) – Canada Pension Plan Investment Board (CPPIB) said on Tuesday it has invested 320.8 million euro ($442.4 million) to acquire a 15 percent stake in nursing home operator Orpea as it bets on the French company’s growth prospects in Europe and overseas. CPPIB, one of Canada’s top pension fund managers with over C$192.8 billion ($181.70 billion) in assets under management, is buying the shares from Orpea’s founder Jean-Claude Marian and Santé Finance et Investissement. The pension fund has also agreed to underwrite a 100 million euro equity issue by Orpea. “We are de-risking the deal for the company and that speaks to our conviction around the company’s growth opportunities and our desire to back them by providing capital beyond just buying a part of the founder’ stake,” said Scott Lawrence, the head of Relationship Investments at CPPIB, in an interview.