Onex Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Onex Partners has acquired 7 companies. It has also invested in 2 others.

Onex Partners’ most common sectors for investment arehealthcare services (18%) and insurance (12%) . The Firm’s most common investment types include secondary buyout (28%) and buyout (lbo, mbo, mbi) (24%). 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 9 companies. The Firm’s most common exit type is ipo (34%). Onex Partners’ largest (disclosed) exit occurred in 2014 when it sold Gates Industrial for $5.4B.

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M&A Summary

  • M&A Total Activity79
    • M&A Buy Activity50
    • M&A Sell Activity29
  • Total Sectors Invested 23
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 22
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.4/yr) # 38 3 3 3 2 1 50
vol $40.2B $2.1B $5.0B $2.7B $50.0B
Sell (2.0/yr) # 20 1 4 3 - 2 30
vol $14.7B $4.3B $1.3B $20.4B
  80

Most Recent M&A

Company Date Value Type
PowerSchool Group LLC 2021-07-28 - IPO
Folsom, California · www.powerschool.com
Ryan Specialty Group LLC 2021-07-12 - IPO
Chicago, Illinois · www.ryansg.com
Monroe Operations LLC 2021-06-07 - Buyout (LBO, MBO, MBI)
Nashville, Tennessee · www.newporthealthcare.com
Digital Insurance LLC 2020-10-08 2.7B USD Secondary Buyout
Atlanta, Georgia · www.onedigital.com
Acacium Group 2020-04-16 - Secondary Buyout
London, United Kingdom · www.acaciumgroup.com
Jack's Family Restaurants LP 2019-08-19 - Secondary Buyout
Homewood, Alabama · www.eatatjacks.com
Wealth Enhancement Group LLC 2019-07-31 - Secondary Buyout
Plymouth, Minnesota · www.wealthenhancement.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Digital Insurance LLC 2020-10-08 Klassman Financial Services - Employee Benefits Division 2021-07-15 27
Atlanta, Georgia · www.onedigital.com Arlington Heights, Illinois
Survitec Group Ltd. 2015-01-12 Hansen Protection AS 2021-05-06 1
London, United Kingdom · www.survitecgroup.com Moss, Norway · www.hansenprotection.no
Acacium Group 2020-04-16 CHS Healthcare Ltd. 2021-03-01 1
London, United Kingdom · www.acaciumgroup.com West Midlands, United Kingdom · www.chshealthcare.co.uk
Digital Insurance LLC 2020-10-08 Amplified Benefits Partners - Employee Benefits & Human Resources Services Divisions 2021-02-02 26
Atlanta, Georgia · www.onedigital.com , United States
Digital Insurance LLC 2020-10-08 Novem Benefits 2021-01-26 25
Atlanta, Georgia · www.onedigital.com Rochester, New York
Digital Insurance LLC 2020-10-08 Berkshire Insurance Group - Employee Benefits Division 2020-10-29 24
Atlanta, Georgia · www.onedigital.com Pittsfield, Massachusetts
KidsFoundation Holdings B.V. 2018-07-19 Partou B.V. 2019-04-04 1
, Netherlands · www.kidsfoundation.nl Vianen, Netherlands · www.partou.nl
Weld North Education LLC 2018-01-04 Glynlyon, Inc. 2019-02-05 6
New York, New York · www.weldnorth.com Chandler, Arizona · www.glynlyon.com
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 3 (15%) - 9 (18%) 1.2B (2%)
Insurance 2 (10%) 2.7B (16%) 6 (12%) 7.0B (14%)
Business Services 2 (10%) 1.8B (11%) 5 (10%) 2.7B (5%)
Aerospace 2 (10%) - 4 (8%) 912M (2%)
Education 2 (10%) - 3 (6%) 350M (1%)
Engineering - - 2 (4%) 6.1B (12%)
Manufacturing 1 (5%) 693M (4%) 2 (4%) 5.7B (11%)
Leisure 1 (5%) 2.1B (13%) 2 (4%) 2.1B (4%)
Machinery - - 2 (4%) 1.5B (3%)
Building Materials - - 2 (4%) 318M (1%)
Consumer Products 1 (5%) - 2 (4%) 245M (< 1%)
Automotive - - 1 (2%) 5.6B (11%)
Airlines 1 (5%) 5.0B (31%) 1 (2%) 5.0B (10%)
Packaging - - 1 (2%) 4.2B (8%)
Information Services - - 1 (2%) 3.6B (7%)
Medical Products 1 (5%) 2.6B (16%) 1 (2%) 2.6B (5%)
Retail 1 (5%) 1.4B (8%) 1 (2%) 1.4B (3%)
Electrical Equipment 1 (5%) - 1 (2%) -
Financial Services 1 (5%) - 1 (2%) -
Oil/Gas Exploration - - 1 (2%) -
Restaurants - - 1 (2%) -
Staffing 1 (5%) - 1 (2%) -
Transportation - - 1 (2%) -
Total 20 $16.1B 51 $50.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (65%) 8.4B (52%) 38 (75%) 28.3B (56%)
  California 2 (10%) 950M (6%) 5 (10%) 2.3B (4%)
  New York 2 (10%) 2.6B (16%) 3 (6%) 4.9B (10%)
  Texas 2 (10%) - 3 (6%) 1.1B (2%)
  Kentucky 1 (5%) 813M (5%) 3 (6%) 1.2B (2%)
  Tennessee 1 (5%) - 3 (6%) 400M (1%)
  Missouri 2 (10%) 1.4B (8%) 2 (4%) 1.4B (3%)
  Minnesota 1 (5%) - 2 (4%) 73M (< 1%)
  Colorado - - 2 (4%) 5.0B (10%)
  New Jersey - - 2 (4%) 1.6B (3%)
  Kansas - - 2 (4%) 912M (2%)
  Illinois - - 2 (4%) 710M (1%)
  Pennsylvania - - 2 (4%) 620M (1%)
  Georgia 1 (5%) 2.7B (16%) 1 (2%) 2.7B (5%)
  Louisiana 1 (5%) - 1 (2%) -
  Indiana - - 1 (2%) 5.6B (11%)
  Arizona - - 1 (2%) -
  Alabama - - 1 (2%) -
  North Carolina - - 1 (2%) -
  Nevada - - 1 (2%) -
United Kingdom 3 (15%) 2.8B (17%) 5 (10%) 11.3B (22%)
Canada 2 (10%) 5.0B (31%) 3 (6%) 5.7B (11%)
  Alberta 1 (5%) 5.0B (31%) 1 (2%) 5.0B (10%)
  Quebec 1 (5%) - 1 (2%) -
  Ontario - - 1 (2%) 730M (1%)
Bermuda 1 (5%) - 1 (2%) -
Netherlands 1 (5%) - 1 (2%) -
Switzerland - - 1 (2%) 4.2B (8%)
Germany - - 1 (2%) 731M (1%)
France - - 1 (2%) -
Domestic 2 (10%) 5.0B (31%) 3 (6%) 5.7B (11%)
Cross-border 18 (90%) 11.1B (69%) 48 (94%) 44.6B (89%)
Total 20 $16.1B 51 $50.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (35%) 4.2B (26%) 14 (27%) 10.0B (22%)
Buyout (LBO, MBO, MBI) 4 (20%) 2.1B (13%) 12 (24%) 12.6B (28%)
Divestiture 3 (15%) 4.9B (30%) 9 (18%) 16.6B (37%)
Growth Capital 4 (20%) - 8 (16%) -
Going Private 1 (5%) 5.0B (31%) 4 (8%) 6.1B (13%)
Stake Purchase - - 1 (2%) 80M (< 1%)
PIPE - - 1 (2%) -
Recapitalization 1 (5%) - 1 (2%) -
Special Situations/Distressed - - 1 (2%) -
Total 20 $16.1B 51 $45.3B

Exits by Deal Type

Type Total # Value
IPO 10 (33%) -
Secondary Sale 7 (23%) 12.2B (60%)
Merger 3 (10%) 1.3B (6%)
Trade Sale 3 (10%) 921M (5%)
Trade Sale - Public Company 2 (7%) 2.0B (10%)
Stake Sale 1 (3%) 3.2B (16%)
Sold to Existing Investors 1 (3%) 390M (2%)
Sold to Management 1 (3%) 323M (2%)
Bankruptcy 1 (3%) -
SPAC 1 (3%) -
Total 30 $20.4B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
2
Goldman Sachs Investment Banking Division
1
Barclays Investment Bank
1
Legal Deals
Fried Frank Harris Shriver & Jacobson LLP
2
DLA Piper
1
Kaye Scholer LLP
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 7 $18.4B
$100M to $1B 4 $1.9B
< $100M 1 $91M
TOTAL $20.4B
Largest Gates Industrial Corporation plc
$5.4B (2014-07-03)

M&A Connections

Deals
Acquired from
Investor(s)
29%
15 (29%)
Strategic(s)
18%
9 (18%)
Exited to
Investor(s)
27%
8 (27%)
Strategic(s)
30%
9 (30%)

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