Teachers’ Private Capital completes acquisition of Aquilex

TORONTO: Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan (Teachers'), announced today that it has completed the previously-announced acquisition of Aquilex Holdings, LLC, an Atlanta-based provider of maintenance, repair and industrial cleaning services to the energy industry.

"We are excited to partner with Aquilex, a market leader in the energy services industry," said Erol Uzumeri, Senior Vice-President, Teachers' Private Capital. "Aquilex not only benefits from stable revenues and cash flows, but has also demonstrated a track record of growing its business. We look forward to working with management to capitalize on the company's growth opportunities and to build shareholder value."

"We are extremely pleased to partner with Teachers' Private Capital as Aquilex continues its evolution as a leader in energy services," said Bill Varner, Chief Executive Officer of Aquilex. "We have been impressed with Teachers' Private Capital's long-term approach to investing in private equity, which is demonstrated by its ability to complete this investment during a period of significant uncertainty in financial markets."

RBC Capital Markets provided senior debt financing for the transaction, while Teachers' provided both the mezzanine and equity financing. Teachers' advisors included Morgan Stanley, who acted as M&A advisor, and Sullivan & Cromwell LLP, who provided legal advice. Harris Williams & Co. advised Aquilex on the transaction.

About Teachers' Private Capital

Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment arm of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 278,000 active and retired teachers.

About Aquilex

Aquilex is the leading provider of mission-critical and routine maintenance, repair and industrial cleaning services to the oil refining, fossil and nuclear power generation, petrochemical and waste-to-energy industries. The company had 2007 revenues in excess of US$550 million. It is headquartered in Atlanta, Georgia and has approximately 5,000 employees in locations across the United States and Europe.

Contact :

Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347
deborah_allan@otpp.com