Ontario Teachers' to purchase Alliance Laundry Systems LLC

TORONTO--()--Dec. 8, 2004--Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, acting through an affiliate, has signed an agreement to purchase Alliance Laundry Holdings LLC from Bain Capital Partners, LLC and other minority shareholders for approximately US$450 million.

Based in Ripon, Wisconsin, Alliance is North America's leading designer, manufacturer and marketer of commercial laundry equipment with well-known brand names such as Speed Queen, UniMac, Huebsch and Ajax.

"Its strong management team and leading market share make Alliance an excellent fit for our growing private equity portfolio," said Jim Leech, Senior Vice-President, Teachers' Private Capital. "Alliance, with its superior quality products and loyal distribution network, is consistent with the high quality investments we are seeking throughout North America."

The investment is expected to close in early February 2005. Lehman Brothers Inc. handled the transaction on behalf of the current shareholders. Alliance management will continue to hold a significant investment in the company.

About Alliance Laundry Systems

Alliance is a leading manufacturer of commercial laundry products and provider of services for laundromats, multi-housing laundries, on-premise laundries and drycleaners in North America. Alliance offers a full line of washers and dryers for light commercial use as well as large frontloading washers, heavy duty tumbler dryers, and presses and finishing equipment for heavy commercial use. The company's products are sold under the well-known brand names: Speed Queen(R), UniMac(R), Huebsch(R) and Ajax(R).

Alliance reaches laundromat and on-premise laundry end-customers through a network of over 200 North American distributors and over 100 international distributors, serving over 90 countries. Alliance also serves multi-housing end-customers through a network of over 80 route operators. Its strong relationships with leading distributors and route-operators has been a significant factor in achieving the number one market share in North America in each of its three end-customer groups. (For more information about Alliance, see website at comlaundry.com.)

About Teachers' Private Capital

Teachers' Private Capital is the private equity arm of the C$79 billion Ontario Teachers' Pension Plan, investing on behalf of 250,000 teachers in Ontario, Canada. With a portfolio of over C$6.8 billion, Teachers' Private Capital is one of Canada's largest private investors currently working with more than 100 companies and funds around the world to create value by providing long-term flexible capital. It specializes in providing private equity and mezzanine debt capital for large and mid-cap companies, venture capital for developing industries, and financing for a growing portfolio of infrastructure and timberland assets.

Contacts

Ontario Teachers' Pension Plan
Lee Fullerton
Director, Communications and Media Relations
(416) 730-5347
Lee_Fullerton@otpp.com

Contacts

Ontario Teachers' Pension Plan
Lee Fullerton
Director, Communications and Media Relations
(416) 730-5347
Lee_Fullerton@otpp.com