On April 12, 2005, Teachers’ Private Capital, the private equity arm of Ontario Teachers’ Pension Plan, completed its acquisition of CFM Corporation, a leading integrated manufacturer of hearth and space heating products, barbecue and outdoor products in North America and the United Kingdom, in a transaction valued at approximately U.S.$230 million. CFM shareholders voted in favour of the transaction on April 8, 2005. Under the terms of the acquisition agreement, CFM shareholders received Cdn$1.50 for each CFM common share held.

The transaction was the result of a strategic review process initiated by CFM’s board of directors in October 2004 and was carried out by way of amalgamation under the Ontario Business Corporations Act.

Prior to the completion of the transaction, Ontario Teachers’ Pension Plan acquired all of CFM Corporation's outstanding U.S.$125 million senior secured notes that were in default.

As part of the transaction, Teachers’ Private Capital agreed to provide CFM with a US$25 million interim financing facility to assist CFM in meeting its working capital needs until the closing of the transaction.

Teachers’ Private Capital was represented in-house by Michael C. J. Padfield, Senior Legal Counsel, Investments, and by Davies Ward Phillips & Vineberg LLP, with a team that included William Ainley, Berl Nadler, Kevin K. Rooney, Melanie Koszegi and Darren Wasylucha (corporate and commercial), Sarah Powell (environmental) and John Bodrug and Charles Tingley (competition).