Onex Corporation

Onex Corporation is an investment manager founded in 1984.[2] The firm manages capital on behalf of Onex shareholders, institutional investors and high net worth clients around the world. As of September 30, 2022, Onex had approximately US$51 billion of assets under management.[3]

Onex Corporation
TypePublic
TSX: ONEX
IndustryPrivate Equity
Founded1984 (1984)
FounderGerry Schwartz
HeadquartersToronto, Canada
Key people
Robert Le Blanc (CEO)
ProductsPrivate equity funds, investment vehicles, equity and debt strategies
AUMIncrease CA$48.4 billion (June 30, 2022)[1]
Number of employees
536
Websitewww.onex.com

History

Founder Gerry Schwartz had previously worked at Bear Stearns in New York City during the 1970s, under investor Jerome Kohlberg Jr., who later became a founding partner of Kohlberg Kravis Roberts.[4] Schwartz returned to Canada, where he started working with Izzy Asper.[4]

Schwartz founded Onex in 1984 and took the company public in 1987.[4] The firm focused on private equity investing in North America using capital from its balance sheet for the first 16 years of its history. In 2000, it started raising investment vehicles with third-party capital with the launch of ONCAP, which focuses on smaller and middle market opportunities. In 2003, the first Onex Partners fund was raised. Today, the majority of Onex’ private equity investments are made through these two platforms.

In June 2007, General Motors sold Allison Transmission to financial investors Carlyle Group and Onex Corporation. Together with the Canadian pension fund, Tomkins was taken over in 2010, but Onex only held 14% of the shares.[5]

At the end of 2017, Onex acquired SMG, one of the world's largest event venue operators with over 200 stadiums, arenas, exhibition and convention centers, theaters and science centers worldwide. The company was sold off in 2019 to merge with AEG Facilities to form ASM Global.[6]

In 2019, Onex acquired Gluskin Sheff, a Toronto-based wealth manager with public equity and public credit strategies.[7][8]

Due to the effects of COVID-19 pandemic, Onex suffered a net loss of $1.1 billion US dollars in the quarter ended March 31.[9]

Private equity investments

In December 2019, Onex Corporation purchased WestJet for CA$5.0 billion (equivalent to $5.2 billion in 2021), through its subsidiary Kestrel Bidco.[10]

References
  1. "2019 Annual Report". Onex Corp.
  2. "Onex Corporation (ONEX.TO) Company Profile & Facts - Yahoo Finance". finance.yahoo.com. Retrieved April 26, 2023.
  3. "Home". Onex Corporation. Retrieved November 14, 2019.
  4. "Canada's very own private-equity giant Onex quietly tops returns of big-name U.S. rivals". Financial Post. Bloomberg News. June 26, 2014. Retrieved April 4, 2020.
  5. "Onex, Canada Pension to Buy Tomkins for $4.5 Billion". Bloomberg.com. July 27, 2010. Retrieved July 25, 2022.
  6. Chapple, Jon (December 11, 2017). "SMG sold to PE firm Onex Corporation". IQ. Retrieved July 25, 2022.
  7. "Onex to buy wealth manager Gluskin Sheff in $445 million deal | Financial Post". Financial Post. March 25, 2019. Retrieved November 14, 2019.
  8. Vandaelle, Ian (March 22, 2019). "Onex snaps up wealth manager Gluskin Sheff in $445M deal". BNN Bloomberg. Retrieved November 3, 2020.
  9. Onex reports US$1.1B Q1 loss on COVID-19 disruption
  10. "Gerald Schwartz controlled Onex closes $5B acquisition of WestJet". December 12, 2019.
  • ONEX (company website)
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