Pension giants the Ontario Teachers’ Pension Plan Board and Alberta Investment Management Corp. (AIMCo) are selling San Francisco-based proxy advisory firm Glass Lewis to Toronto-based private equity firm Peloton Capital Management and financial industry entrepreneur Stephen Smith.
Under the new ownership arrangement, Glass Lewis will expand to new markets with new services, the firms said in a release.
“Capital markets participants have become increasingly focused on environmental, social, and governance (ESG) factors as they build their business strategies. Glass Lewis is very well positioned to provide solutions to address the global demands generated by this shift,” said Smith, chairman, CEO and co-founder of First National Financial Corp.
“Glass Lewis has built a venerable brand and we look forward to helping them deliver important governance solutions to the marketplace,” Lewis added.
The firms did not disclose the terms of the transaction.
“Peloton Capital Management and Stephen are committed to long-term, sustainable value creation through good governance. This aligns strongly with the core values we have established at Glass Lewis,” said Kevin Cameron, executive chair at Glass Lewis.