PE Deals

Ontario Teachers’ takes minority stake in Sweetwater Royalties

Ontario Teachers acquired a 25 percent interest in Sweetwater for a cash consideration of $221.6 million.

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  • Orion established Sweetwater in 2020
  • Currently, Sweetwater owns 17 cash flowing royalties across soda ash, renewables and industrial minerals and owns 7 royalties on soda ash and renewables projects under development

Orion Resource Partners has sold a minority stake in Sweetwater Royalties, a Lakewood, Colorado-based base metals and industrial minerals royalty company, to Ontario Teachers’ Pension Plan.

The deal saw Ontario Teachers acquire a 25 percent interest in Sweetwater for a cash consideration of $221.6 million.

Orion established Sweetwater in 2020. Currently, the business owns 17 cash flowing royalties across soda ash, renewables and industrial minerals and owns 7 royalties on soda ash and renewables projects under development.

Christopher Metrakos, a senior managing director of natural resources at Ontario Teachers’, said, in a statement: “We are excited to partner with Orion in the ownership of Sweetwater and work together to support the growth of the business. Sweetwater has a unique mineral acreage position across the largest natural trona deposit globally and significant growth optionality across its asset base.”

Based in New York City, Orion is a private equity firm focused on investing in precious and base metals and minerals.

Ontario Teachers’, one of Canada’s largest pension systems, had net assets of $247.2 billion as at December 31, 2022. It has its headquarters in Toronto.