Canada Pension Plan Investment Board buys stake in 99¢ Only Stores
On January 13, 2012, 99¢ Only Stores®, U.S.-based retail discount chain, announced the completion of its acquisition by affiliates of Ares Management LLC, Canada Pension Plan Investment Board ("CPPIB") and the Gold/Schiffer Family for US$22.00 per share in cash, totaling approximately US$1.6 billion.
99¢ Only Stores® has 289 extreme value retail stores in the United States, with 214 in California, 35 in Texas, 27 in Arizona and 13 in Nevada.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. As of June 30, 2011, the CPP Fund totalled C$153.2 billion.
Further information can be found on the CPPIB's website and The Financial Post.