Onex Corporation

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Onex Corporation
Company type Public
TSX:  ONEX
Industry Private Equity
Founded1984;40 years ago (1984)
Founder Gerry Schwartz
Headquarters Toronto, Canada
Key people
Robert Le Blanc (CEO)
Products Private equity funds, investment vehicles, equity and debt strategies
AUM Increase2.svg CA$48.4 billion (June 30, 2022) [1]
Number of employees
536
Website www.onex.com

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.

Contents

History

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

In December 2019, Onex Corporation purchased WestJet for CA$5.0 billion (equivalent to $5.2 billion in 2021), through its subsidiary Kestrel Bidco. [8]

Current Portfolio [9]

CompanySectorSince
Acacium Group HealthcareSeptember 2020
Advanced Integration Technology Aerospace & Transportation

Automation & Industrial Technology

December 2014
Analytic Partners Business Services & SoftwareApril 2022
ASM Global Business Services & SoftwareJanuary 2018
BBAM Aerospace & TransportationDecember 2012
Clarivate Business Services & SoftwareOctober 2016
Convex Financial ServicesApril 2019
Emerald Expositions Business Services & SoftwareJune 2013
Fidelity Building Services Group Building Products & ConstructionDecember 2021
Imagine Learning Business Services & SoftwareMarch 2021
Morson Group Business Services & SoftwareFebruary 2024
Newport Healthcare HealthcareJuly 2021
OneDigital Financial ServicesNovember 2020
Parkdean Resorts Business Services & SoftwareMarch 2017
PowerSchool Group Business Services & SoftwareAugust 2018
Resource Environmental Solutions Environmental & Engineering ServicesMarch 2022 - Present
SCP Health HealthcareJuly 2015 - Present
Sedgwick Claims Management Services Financial ServicesOctober 2014 - Present
Tes Global

Business Services & Software

February 2022 - Present
Wealth Enhancement Group Financial ServicesSeptember 2021 - Present
WestJet Aerospace & TransportationDecember 2019 - Present
WireCo WorldGroup Industrial Manufacturing & ServicesSeptember 2016 - Present

Realized Portfolio [10]

CompanySectorDuration
Allison Transmission Automotive Aftermarket

Industrial Manufacturing & Services

August 2007 - June 2014
BrightSpring Health Services HealthcareJune 2004 - March 2019
Carestream Health HealthcareApril 2007 - September 2022
Center for Diagnostic Imaging HealthcareJanuary 2005 - July 2012
Compagnie Générale de Géophysique Industrial Manufacturing & Services

Environmental & Engineering Services

November 2004 - June 2005
Cosmetic Essence Consumer Products & Services

Industrial Manufacturing & Services

December 2004 - May 2009
Emergency Medical Services Corporation HealthcareFebruary 2005 - May 2011
Genesis Healthcare HealthcareDecember 2005 - August 2017
Hawker Beechcraft Corporation Aerospace & Transportation

Industrial Manufacturing & Services

March 2007 - May 2012
Husky International Automation & Industrial Technology

Industrial Manufacturing & Services

Packaging

December 2007 - June 2011
Jack's Family Restaurants Food & Beverage

Restaurants & Retail

July 2015 - August 2019
JELD-WEN Holding Building Products & Construction

Industrial Manufacturing & Services

October 2011 - August 2021
KraussMaffei Group Automation & Industrial Technology

Industrial Manufacturing & Services

Packaging

December 2012 - April 2016
Magellan Health Services HealthcareJanuary 2004 - November 2005
Partou Consumer Products & ServicesNovember 2018 - August 2022
RSI Home Products Consumer Products & Services

Building Products & Construction

Industrial Manufacturing & Services

October 2008 - February 2013
Ryan Business Services & SoftwareOctober 2018 - August 2023
Save-A-Lot Consumer Products & Services

Food & Beverage

Restaurants & Retail

December 2016 - April 2020
sgsco Consumer Products & Services

Packaging

October 2012 - November 2021
SIG Combibloc Group Consumer Products & Services

Industrial Manufacturing & Services

Packaging

March 2015 - December 2020
Spirit AeroSystems Aerospace & Transportation

Industrial Manufacturing & Services

June 2005 - August 2014
Survitec Group Aerospace & Transportation

Industrial Manufacturing & Services

March 2015 - January 2020
The Warranty Group Financial ServicesNovember 2006 - August 2014
TMS International Industrial Manufacturing & ServicesJanuary 2007 - October 2013
Tomkins Limited Automotive Aftermarket

Industrial Manufacturing & Services

September 2010 - July 2014
Tropicana Las Vegas Leisure & GamingMay 2009 - August 2015
USI Insurance Services Financial ServicesDecember 2012 - May 2017

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References

  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.