Jump to content

Onex Corporation: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Added {{Advert}} tag
Line 1: Line 1:
{{Short description|Canadian investment company}}
{{Short description|Canadian investment company}}
{{Multiple issues|
⚫
{{Use Canadian English|date = April 2020}}
{{COI|date=April 2020}}
{{COI|date=April 2020}}
{{Advert|date=June 2021}}
}}
⚫
{{Use Canadian English|date = April 2020}}
{{Use mdy dates|date = April 2020}}
{{Use mdy dates|date = April 2020}}
{{Infobox company
{{Infobox company

Revision as of 22:28, 7 June 2021

Onex Corporation
Company typePublic
TSX: ONEX
IndustryPrivate Equity, Private Debt, Public Equity, Public Debt, Wealth Management
Founded1984; 40 years ago (1984)
FounderGerry Schwartz
HeadquartersToronto, Ontario, Canada
Key people
Gerry Schwartz (CEO/Chairman)
ProductsPrivate equity funds, investment vehicles focused on non-investment grade debt (tradeable, private and opportunistic credit strategies), Public Equity strategies, Public Debt strategies
AUMIncrease US$ 44 billion (2019)[1]
Number of employees
500
Websitewww.onex.com

Onex Corporation is an investment manager founded in 1984. The firm manages capital on behalf of Onex shareholders, institutional investors and high net worth clients around the world. As of December 31, 2020, Onex had approximately US$44 billion of assets under management.[2] It manages and invests capital through four platforms: Onex Partners (private equity funds focused on mid- to large cap opportunities in North America and Western Europe); ONCAP (private equity funds focused on smaller and middle-market opportunities in North America); Onex Credit (invests in non-investment grade debt through tradeable, private and opportunistic credit strategies); and Gluskin Sheff (a wealth manager with public equity and public credit strategies). Onex and its experienced management teams are collectively the largest investors across Onex' platforms.

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.[3] Schwartz returned to Canada, where he started working with Izzy Asper.[3]

Schwartz founded Onex in 1984 and took the company public in 1987.[3] 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[when?], the majority of Onex’ private equity investments are made through these two platforms.

In 2007, Onex invested in a credit manager, which later became Onex Credit. The platform offers various strategies, with the largest being Collateralized Loan Obligations. In 2020, Onex acquired Falcon Investment Advisors, renamed Onex Falcon, a leading U.S. private credit manager to expand its credit platform.

In 2019, Onex acquired Gluskin Sheff + Associates, a Toronto-based wealth manager with public equity and public credit strategies.[4][5]

Since its founding, the firm has generated a gross multiple of invested capital of 2.6x and a gross internal rate of return of 27% on its realized private equity investments (as of December 31, 2020).[2]

Private equity investments

The firm's private equity investments are made in a wide array of industries including consumer & retail, financial services, healthcare, industrials, and services. The firm prefers to have majority control over its subsidiaries and focuses on three primary investment strategies: cost reductions and operational restructurings; platforms for add-on acquisitions; and carve-outs from multinational corporations.

Notably, Onex Corporation purchased WestJet Airlines Ltd. for $5 billion Canadian Dollars, through its subsidiary Kestrel Bidco in December 2019.[6]

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.[7]

Other companies which Onex owns or has owned a share include Celestica, Cineplex Entertainment, Spirit AeroSystems, SMG, Sitel, American Medical Response, Hawker Beechcraft, EmCare, JELD-WEN, Carestream Health, Purolator, Husky Injection Molding Systems, Allison Transmission,[8] Canadian Securities Institute, Cici's, Sky Chefs, BBAM,[9] Emerald Expositions,[10] Tomkins, SIG Combibloc Group,[11] Clarivate Analytics, SMG, WestJet and many others.

Office

Onex is headquartered on the 49th floor of Brookfield Place in Toronto, with branch offices in Toronto, New York City, New Jersey, Boston and London.[12][13]

References

  1. ^ "2019 Annual Report". Onex Corp.
  2. ^ a b "Home". ONEX Corporation. Retrieved November 14, 2019.
  3. ^ a b c "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.
  4. ^ "Onex to buy wealth manager Gluskin Sheff in $445 million deal | Financial Post". Financial Post. March 25, 2019. Retrieved November 14, 2019.
  5. ^ Vandaelle, Ian (March 22, 2019). "Onex snaps up wealth manager Gluskin Sheff in $445M deal". BNN Bloomberg. Retrieved November 3, 2020.
  6. ^ [1]
  7. ^ Onex reports US$1.1B Q1 loss on COVID-19 disruption
  8. ^ "GM selling Allison for $5.6 billion". Reuters. June 28, 2007. Retrieved November 14, 2019.
  9. ^ ONEX Archived March 4, 2016, at the Wayback Machine. ONEX. Retrieved on 2013-09-19.
  10. ^ Bhaswati Mukhopadhyay (May 6, 2013). "Nielsen to sell expositions business to Canadian PE firm for $950 million". Reuters.
  11. ^ "Private Equity firm Onex has agreed to acquire cartons giant SIG Combibloc Group in a reported $4.6bn deal". Packaging News. Retrieved November 24, 2014.
  12. ^ "Contact Us | ONEX Corporation". www.onex.com.
  13. ^ "SEDAR Application Outage". www.sedar.com.
  • ONEX (company website)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Onex_Corporation&oldid=1027435896"