Canadian private equity firm Onex Corp has closed its previously announced investment in WireCo WorldGroup, a Prairie Village, Kansas-based maker of mission-critical steel wire rope, synthetic rope, specialty wire and engineered products. Onex Partners IV invested US$270 million to acquire a majority interest in the company. Paine & Partners, which acquired WireCo in February 2007, will retain a minority stake alongside senior management.
Onex Completes Investment in WireCo WorldGroup
Toronto, September 30, 2016 – Onex Corporation (“Onex”) (TSX: OCX) today announced it has completed its majority investment in WireCo WorldGroup (“WireCo”). WireCo is a leading global manufacturer of mission-critical steel wire rope, synthetic rope, specialty wire and engineered products. Funds managed by Paine & Partners, LLC will retain a minority interest alongside WireCo management. Onex Partners IV made an equity investment of $270 million, of which Onex’ share was $76 million as a Limited Partner in the Fund.
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $23 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests alongside its fund investors and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $36 billion, generate annual revenues of $23 billion and employ approximately 145,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
For further information:
Director, Investor Relations
Photo courtesy of Jonkman Construction