Ontario Teachers’ reaches agreement to sell Amica Senior Lifestyles

Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) has reached an agreement to sell Amica Senior Lifestyles (“Amica” or the “Company”) and certain of its assets and affiliates to Welltower Inc., a real estate investment trust that invests in leading seniors housing, post-acute, and health system properties and operators across the United States, Canada and the United Kingdom, for C$4.6 billion.

Amica is one of the leading providers of premium senior living residences in Canada. It is uniquely structured as an integrated owner, operator and developer of private independent living, assisted living and memory care facilities for seniors in Ontario and British Columbia. Ontario Teachers’ made its initial platform investment in Amica in 2010 alongside co-founders Douglas MacLatchy and Robert Ezer. The Company has since grown to a portfolio of 31 income producing properties and 7 properties under construction that are located in some of Canada's most affluent neighbourhoods.

Over the past 15 years, Ontario Teachers’ has partnered with management to drive significant growth through multiple value creation levers, which have led the Company to its track record of industry-leading performance. In 2015, Ontario Teachers’ and management completed a transformational take-private acquisition, adding 25 properties to the portfolio. Amica has defined a new standard for senior living in Canada by combining premium hospitality and amenities with expert care and support to deliver a personalized senior living experience. Ontario Teachers’ has supported management in maintaining an enhanced focus on residence safety and satisfaction, with residents benefiting from 24/7 support, on-site nurses, emergency monitoring, and attentive wellness staff. Additionally, the Company has established a best-in-class development program, enabled by strategic site selection, strong in-house expertise, and joint-venture partnerships to build new residences in attractive markets.

Robert Ezer, Co-Founder and Chief Investment Officer at Amica said:

“For the last 15 years, Ontario Teachers’ has acted as an extension of our internal team. We are grateful for how they’ve supported our strategic ambitions, and we are now looking forward to working and partnering with the team at Welltower to help carry this growth momentum forward.”

Douglas MacLatchy, Co-Founder and Vice Chairman at Amica said:

"Amica has always been dedicated to providing exceptional senior living experiences. Our commitment to quality and innovation has allowed us to create a welcoming and supportive environment for our residents. We take pride in the positive impact we have made in their lives and the communities we serve."

Terry Woodward, Senior Managing Director, Private Capital, at Ontario Teachers’ said:

“We have been delighted to partner with and support Amica on their journey to empower seniors as they age. For more than a decade, we have supported the Company’s management team as they have grown the platform. We are excited to watch the Company reach new heights in the future and wish Amica, the management team, and Welltower continued success in their next stage of growth.”

Goldman Sachs & Co. LLC served as lead sell-side financial advisor and CIBC Capital Markets and Newmark Group, Inc. also served as sell-side financial advisors. Stikeman Elliott LLP and Torys LLP served as sell-side legal advisors.

Media contacts

Ontario Teachers'
Dan Madge/James DeCosimo
media@otpp.com

About Ontario Teachers’ Pension Plan

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.