Onex Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Onex Partners has acquired 6 companies. It has also invested in 3 others.

Onex Partners’ most common sectors for investment are healthcare services (19%) and insurance (13%). The Firm’s most common investment types include secondary buyout (25%) and buyout (lbo, mbo, mbi) (23%). In total, Onex Partners has invested in 19 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Allison Transmission Holdings for $5.6B.

In the last 3 years, Onex Partners has exited 3 companies. The Firm’s most common exit type is ipo (31%). Onex Partners’ largest (disclosed) exit occurred in 2014 when it sold The Gates for $5.4B.

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M&A Summary

  • M&A Total Activity70
    • M&A Buy Activity47
    • M&A Sell Activity23
  • Total Sectors Invested 22
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 20
  • M&A Advisors 12

Onex Partners

161 Bay Street, PO Box 700,
Toronto, Ontario M5J 2S1
Canada
(416) 362-7711
www.onex.com/onex-partners
info@onex.com

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Chemicals, Consumer Products, Consumer Services, Distribution, Education, Electronics, Energy Services and Equipment, Environmental, Financial Services, Furniture, Healthcare Services, Leisure, Machinery, Manufacturing, Medical Products, Metals/Mining, Plastics, Restaurants, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Special Situations/Distressed, PIPE, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue 300 -
Target EBITDA - -
Investment Size 50 -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 35 3 3 2 2 2 47
vol $35.3B $4.9B $2.1B $5.0B $2.7B $50.0B
Sell (1.0/yr) # 18 2 1 - 2 - 23
vol $13.7B $1.0B $4.3B $19.0B
  70

Most Recent M&A

Company Date Value Type
Digital Insurance LLC 2020-10-08 2.7B USD Secondary Buyout
Atlanta, Georgia · www.onedigital.com
Independent Clinical Services Ltd. 2020-04-16 - Secondary Buyout
London, United Kingdom · www.independentclinicalservices.co.uk
York Risk Services Group, Inc. 2019-07-08 - Add-on Acquisition
Parsippany, New Jersey · www.yorkrsg.com
WestJet Airlines Ltd. 2019-05-13 5.0B USD Going Private
Calgary, Alberta · www.westjet.com
Convex Group Ltd. 2019-04-30 - Growth Capital
Smiths, Bermuda
SMG Holdings, Inc. 2019-02-07 - Merger
West Conshohocken, Pennsylvania · www.smgworld.com
KidsFoundation Holdings B.V. 2018-07-19 - Secondary Buyout
, Netherlands · www.kidsfoundation.nl
Ryan Specialty Group LLC 2018-06-04 - Growth Capital
Chicago, Illinois · www.ryansg.com
Laces Group 2017-12-28 - Growth Capital
Montréal, Quebec · www.maytex.com
SMG Holdings, Inc. 2017-12-11 - Secondary Buyout
West Conshohocken, Pennsylvania · www.smgworld.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Digital Insurance LLC 2020-10-08 Selden Beattie, Inc. 2020-10-21 1
Atlanta, Georgia · www.onedigital.com Coral Gables, Florida · www.seldenbeattie.com
Clarivate Analytics 2016-10-11 Decision Resources Group (DRG) 2020-01-17 5
Philadelphia, Pennsylvania · www.clarivate.com Burlington, Massachusetts · www.decisionresourcesgroup.com
Clarivate Analytics 2016-10-11 Darts-IP SPRL 2019-12-02 4
Philadelphia, Pennsylvania · www.clarivate.com Brussels, Belgium · www.darts-ip.com
Clarivate Analytics 2016-10-11 MarkMonitor, Inc. 2019-11-05 1
Philadelphia, Pennsylvania · www.clarivate.com San Francisco, California · www.markmonitor.com
PowerSchool, Inc. 2015-06-17 Schoology, Inc. 2019-10-24 8
Folsom, California · www.powerschool.com New York, New York · www.schoology.com
Carestream Health, Inc. 2007-05-01 Christie Medical Holdings, Inc. 2019-06-28 3
Rochester, New York · www.carestreamhealth.com Memphis, Tennessee · www.christiemed.com
KidsFoundation Holdings B.V. 2018-07-19 Partou B.V. 2019-04-04 1
, Netherlands · www.kidsfoundation.nl Vianen, Netherlands · www.partou.nl
Clarivate Analytics 2016-10-11 TrademarkVision 2018-10-30 3
Philadelphia, Pennsylvania · www.clarivate.com Pittsburgh, Pennsylvania · www.trademark.vision
Emerald Expositions, Inc. 2013-06-17 Boutique Design New York - BDNY 2018-10-16 16
San Juan Capistrano, California · www.emeraldexpositions.com New York, New York · www.bdny.com
Emerald Expositions, Inc. 2013-06-17 EH Media -Technology Brands 2018-08-21 15
San Juan Capistrano, California · www.emeraldexpositions.com Framingham, Massachusetts

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 4 (17%) 390M (2%) 9 (19%) 1.2B (2%)
Insurance 3 (13%) 2.7B (11%) 6 (13%) 7.0B (14%)
Business Services 2 (8%) 1.8B (7%) 5 (10%) 2.7B (5%)
Aerospace 2 (8%) - 4 (8%) 912M (2%)
Engineering - - 2 (4%) 6.1B (12%)
Electrical Equipment 1 (4%) - 2 (4%) 5.0B (10%)
Machinery - - 2 (4%) 1.5B (3%)
Education 2 (8%) 350M (1%) 2 (4%) 350M (1%)
Building Materials - - 2 (4%) 318M (1%)
Consumer Products 1 (4%) - 2 (4%) 245M (< 1%)
Automotive - - 1 (2%) 5.6B (11%)
Airlines 1 (4%) 5.0B (20%) 1 (2%) 5.0B (10%)
Packaging 1 (4%) 4.2B (17%) 1 (2%) 4.2B (8%)
Information Services 1 (4%) 3.6B (14%) 1 (2%) 3.6B (7%)
Medical Products 1 (4%) 2.6B (11%) 1 (2%) 2.6B (5%)
Leisure 1 (4%) 2.1B (8%) 1 (2%) 2.1B (4%)
Retail 1 (4%) 1.4B (6%) 1 (2%) 1.4B (3%)
Manufacturing 1 (4%) 693M (3%) 1 (2%) 693M (1%)
Gaming - - 1 (2%) -
Oil/Gas Exploration - - 1 (2%) -
Restaurants 1 (4%) - 1 (2%) -
Staffing 1 (4%) - 1 (2%) -
Total 24 $24.7B 48 $50.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (67%) 12.7B (51%) 36 (75%) 31.9B (63%)
  California 3 (13%) 1.3B (5%) 5 (10%) 2.3B (4%)
  Kentucky 2 (8%) 1.2B (5%) 3 (6%) 1.2B (2%)
  Texas 2 (8%) - 3 (6%) 1.1B (2%)
  Pennsylvania 1 (4%) 3.6B (14%) 3 (6%) 4.2B (8%)
  Missouri 2 (8%) 1.4B (6%) 2 (4%) 1.4B (3%)
  Colorado 1 (4%) - 2 (4%) 5.0B (10%)
  New York 1 (4%) 2.6B (11%) 2 (4%) 4.9B (10%)
  Illinois 1 (4%) - 2 (4%) 710M (1%)
  New Jersey - - 2 (4%) 1.6B (3%)
  Kansas - - 2 (4%) 912M (2%)
  Tennessee - - 2 (4%) 400M (1%)
  Georgia 1 (4%) 2.7B (11%) 1 (2%) 2.7B (5%)
  Alabama 1 (4%) - 1 (2%) -
  Louisiana 1 (4%) - 1 (2%) -
  Indiana - - 1 (2%) 5.6B (11%)
  Minnesota - - 1 (2%) 73M (< 1%)
  Arizona - - 1 (2%) -
  North Carolina - - 1 (2%) -
  Nevada - - 1 (2%) -
United Kingdom 3 (13%) 2.8B (11%) 4 (8%) 7.8B (15%)
Canada 2 (8%) 5.0B (20%) 3 (6%) 5.7B (11%)
  Alberta 1 (4%) 5.0B (20%) 1 (2%) 5.0B (10%)
  Quebec 1 (4%) - 1 (2%) -
  Ontario - - 1 (2%) 730M (1%)
Switzerland 1 (4%) 4.2B (17%) 1 (2%) 4.2B (8%)
Bermuda 1 (4%) - 1 (2%) -
Netherlands 1 (4%) - 1 (2%) -
Germany - - 1 (2%) 731M (1%)
France - - 1 (2%) -
Domestic 2 (8%) 5.0B (20%) 3 (6%) 5.7B (11%)
Cross-border 22 (92%) 19.7B (80%) 45 (94%) 44.6B (89%)
Total 24 $24.7B 48 $50.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (21%) 4.2B (17%) 12 (25%) 10.0B (22%)
Buyout (LBO, MBO, MBI) 5 (21%) 6.3B (26%) 11 (23%) 12.6B (28%)
Divestiture 5 (21%) 8.8B (36%) 9 (19%) 16.6B (37%)
Growth Capital 6 (25%) - 8 (17%) -
Going Private 2 (8%) 5.4B (22%) 4 (8%) 6.1B (13%)
Stake Purchase - - 1 (2%) 80M (< 1%)
PIPE - - 1 (2%) -
Recapitalization 1 (4%) - 1 (2%) -
Special Situations/Distressed - - 1 (2%) -
Total 24 $24.7B 48 $45.3B

Exits by Deal Type

Type Total # Value
IPO 7 (30%) -
Secondary Sale 6 (26%) 12.2B (64%)
Trade Sale 3 (13%) 921M (5%)
Trade Sale - Public Company 2 (9%) 2.0B (10%)
Stake Sale 1 (4%) 3.2B (17%)
Sold to Existing Investors 1 (4%) 390M (2%)
Sold to Management 1 (4%) 323M (2%)
Bankruptcy 1 (4%) -
Merger 1 (4%) -
Total 23 $19.0B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch
2
Goldman Sachs Investment Banking Division
1
Barclays Investment Bank
1
Legal Deals
Latham & Watkins
1
Fried Frank Harris Shriver & Jacobson LLP
1
DLA Piper
1

Deal Values

buy # Total
> $1B 13 $41.8B
$100M to $1B 15 $8.4B
< $100M 2 $153M
TOTAL $50.3B
Largest Allison Transmission Holdings, Inc.
$5.6B (2007-06-27)
sell # Total
> $1B 6 $17.0B
$100M to $1B 4 $1.9B
< $100M 1 $91M
TOTAL $19.0B
Largest The Gates Corp.
$5.4B (2014-07-03)

M&A Connections

Deals %
Acquired from
PE Firm(s)
63%
15 63%
Strategic(s)
38%
9 38%
Exited to
PE Firm(s)
53%
8 53%
Strategic(s)
47%
7 47%

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