Onex agrees to sell Sitel Worldwide to undisclosed buyer

Canadian private equity firm Onex Corp has agreed to sell Sitel Worldwide Corp, a provider of outsourced customer care and back-office processing services based in Nashville, Tennessee. The buyer was not disclosed. Upon the deal’s closing, expected later this year, Onex said its proceeds are likely to be about US$55 million, which includes an earn-out component. In 2007, ClientLogic, a portfolio investment of Onex, acquired and merged with Sitel. In February, Reuters reported that Onex was looking to sell the business. Sitel is also a portfolio company of OMERS Private Equity, the private equity investment arm of the Ontario Municipal Employees Retirement System. Update: France’s Groupe Acticall has since announced it is the buyer.

PRESS RELEASE

Onex to Sell Sitel Worldwide

Toronto, July 10, 2015 – Onex Corporation (“Onex”) (TSX: OCX) today announced it has agreed to sell Sitel Worldwide Corporation (“Sitel”). Onex’ proceeds are expected to be approximately $55 million, which includes an earn-out component. The transaction is expected to close later this year and is subject to customary closing conditions including regulatory approval.

About Onex
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. 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 $21 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.

Onex’ businesses have assets of $34 billion, generate annual revenues of $24 billion and employ approximately 196,000 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:
Emma Thompson
Managing Director – Investor Relations
Tel: 416.362.7711

Photo courtesy of Shutterstock