Onex Corporation

Onex Corporation is a Canadian investment management firm founded by Gerry Schwartz in 1984. In December 2023, it had $49.6 billion Canadian dollars under management.

Onex Corporation
Company typePublic
TSXONEX
IndustryPrivate Equity
Founded1984; 40 years ago (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

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Schwartz founded Onex in 1984 and took the company public in 1987.[2]

In June 2007, General Motors sold Allison Transmission to financial investors Carlyle Group and Onex Corporation.

In 2010, Onex and the Canada Pension Plan acquired English engineering firm Tomkins, though Onex only held 14% of shares.[3]

At the end of 2017, Onex acquired SMG. The company was sold off in 2019 to merge with AEG Facilities to form ASM Global.[4]

In 2019, Onex acquired Gluskin Sheff, a Toronto-based wealth management firm.[5][6]

In May 2020, Onex blamed a first-quarter net loss of $1.1 billion US dollars on the COVID-19 pandemic.[7]

Private equity investments

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In December 2019, Onex Corporation purchased WestJet for CA$5.0 billion (equivalent to $5.8 billion in 2023), through its subsidiary Kestrel Bidco.[8]

Current Portfolio[9]

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CompanySectorSince
Acacium GroupHealthcareSeptember 2020
Advanced Integration TechnologyAerospace & Transportation

Automation & Industrial Technology

December 2014
Analytic PartnersBusiness Services & SoftwareApril 2022
ASM GlobalBusiness Services & SoftwareJanuary 2018
BBAMAerospace & TransportationDecember 2012
ClarivateBusiness Services & SoftwareOctober 2016
ConvexFinancial ServicesApril 2019
Emerald ExpositionsBusiness Services & SoftwareJune 2013
Fidelity Building Services GroupBuilding Products & ConstructionDecember 2021
Imagine LearningBusiness Services & SoftwareMarch 2021
Morson GroupBusiness Services & SoftwareFebruary 2024
Newport HealthcareHealthcareJuly 2021
OneDigitalFinancial ServicesNovember 2020
Parkdean ResortsBusiness Services & SoftwareMarch 2017
PowerSchool GroupBusiness Services & SoftwareAugust 2018
Resource Environmental SolutionsEnvironmental & Engineering ServicesMarch 2022 - Present
SCP HealthHealthcareJuly 2015 - Present
Sedgwick Claims Management ServicesFinancial ServicesOctober 2014 - Present
Tes Global

Business Services & Software

February 2022 - Present
Wealth Enhancement GroupFinancial ServicesSeptember 2021 - Present
WestJetAerospace & TransportationDecember 2019 - Present
WireCo WorldGroupIndustrial Manufacturing & ServicesSeptember 2016 - Present

Realized Portfolio[10]

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CompanySectorDuration
Allison TransmissionAutomotive Aftermarket

Industrial Manufacturing & Services

August 2007 - June 2014
BrightSpring Health ServicesHealthcareJune 2004 - March 2019
Carestream HealthHealthcareApril 2007 - September 2022
Center for Diagnostic ImagingHealthcareJanuary 2005 - July 2012
Compagnie Générale de GéophysiqueIndustrial Manufacturing & Services

Environmental & Engineering Services

November 2004 - June 2005
Cosmetic EssenceConsumer Products & Services

Industrial Manufacturing & Services

December 2004 - May 2009
Emergency Medical Services CorporationHealthcareFebruary 2005 - May 2011
Genesis HealthcareHealthcareDecember 2005 - August 2017
Hawker Beechcraft CorporationAerospace & Transportation

Industrial Manufacturing & Services

March 2007 - May 2012
Husky InternationalAutomation & Industrial Technology

Industrial Manufacturing & Services

Packaging

December 2007 - June 2011
Jack's Family RestaurantsFood & Beverage

Restaurants & Retail

July 2015 - August 2019
JELD-WEN HoldingBuilding Products & Construction

Industrial Manufacturing & Services

October 2011 - August 2021
KraussMaffei GroupAutomation & Industrial Technology

Industrial Manufacturing & Services

Packaging

December 2012 - April 2016
Magellan Health ServicesHealthcareJanuary 2004 - November 2005
PartouConsumer Products & ServicesNovember 2018 - August 2022
RSI Home ProductsConsumer Products & Services

Building Products & Construction

Industrial Manufacturing & Services

October 2008 - February 2013
RyanBusiness Services & SoftwareOctober 2018 - August 2023
Save-A-LotConsumer Products & Services

Food & Beverage

Restaurants & Retail

December 2016 - April 2020
sgscoConsumer Products & Services

Packaging

October 2012 - November 2021
SIG Combibloc GroupConsumer Products & Services

Industrial Manufacturing & Services

Packaging

March 2015 - December 2020
Spirit AeroSystemsAerospace & Transportation

Industrial Manufacturing & Services

June 2005 - August 2014
Survitec GroupAerospace & Transportation

Industrial Manufacturing & Services

March 2015 - January 2020
The Warranty GroupFinancial ServicesNovember 2006 - August 2014
TMS InternationalIndustrial Manufacturing & ServicesJanuary 2007 - October 2013
Tomkins LimitedAutomotive Aftermarket

Industrial Manufacturing & Services

September 2010 - July 2014
Tropicana Las VegasLeisure & GamingMay 2009 - August 2015
USI Insurance ServicesFinancial ServicesDecember 2012 - May 2017

References

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  1. ^ "2019 Annual Report". Onex Corp.
  2. ^ "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.
  3. ^ "Onex, Canada Pension to Buy Tomkins for $4.5 Billion". Bloomberg.com. July 27, 2010. Retrieved July 25, 2022.
  4. ^ Chapple, Jon (December 11, 2017). "SMG sold to PE firm Onex Corporation". IQ. Retrieved July 25, 2022.
  5. ^ "Onex to buy wealth manager Gluskin Sheff in $445 million deal | Financial Post". Financial Post. March 25, 2019. Retrieved November 14, 2019.
  6. ^ Vandaelle, Ian (March 22, 2019). "Onex snaps up wealth manager Gluskin Sheff in $445M deal". BNN Bloomberg. Retrieved November 3, 2020.
  7. ^ Onex reports US$1.1B Q1 loss on COVID-19 disruption
  8. ^ "Gerald Schwartz controlled Onex closes $5B acquisition of WestJet". December 12, 2019.
  9. ^ "Portfolio of Investments". www.onex.com. Retrieved February 14, 2024.
  10. ^ "Portfolio of Investments". www.onex.com. Retrieved February 14, 2024.
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  • ONEX (company website)