Onex Closes $4 Billion Buyout Fund

Onex Corp. (TSX: OCX) has closed its third private equity fund with US$4 billion in capital commitments, including $500 million from Onex.

PRESS RELEASE

Onex Corporation (TSX: OCX) announced today the successful closing of Onex Partners III, its flagship private equity fund. Onex reached its original fundraising target of US$3.5 billion of third-party capital, which represents an increase of 75% over its prior fund. Onex has committed US$500 million to this fund bringing the total fund size to US$4.0 billion.

“We are gratified to have successfully completed fundraising in the most challenging market of the last decade,” said Gerald W. Schwartz, Chief Executive Officer of Onex. “We greatly appreciate the ongoing support of our limited partners, whose commitments endorse their confidence in the Onex team.”

Over its 25-year history, Onex has generated a 29% IRR and an average multiple of 3.4 times invested capital from its private equity investing. “Our disciplined, active ownership approach of partnering with outstanding management teams to transform undervalued businesses into industry-leading companies has served us well for more than a quarter century. We will continue to pursue this investment philosophy with Onex Partners III,” added Mr. Schwartz. “We believe the investing environment will be rich with opportunities in the near future and will be particularly attractive for value investors like Onex.”

Onex has over $1 billion in cash, no debt and US$3.9 billion of uncalled third-party capital available for significant investment opportunities.

About Onex

Onex is one of North America’s oldest and most successful private equity firms. Onex is committed to acquiring and building high-quality businesses in partnership with talented management teams through the Onex Partners and ONCAP families of Funds. Onex also manages investment platforms focused on real estate and credit securities. In total, the Company manages approximately US$11 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately US$7 billion of third-party capital, and also invests its own capital directly and as a substantial limited partner in its Funds.

Onex’ businesses generate annual revenues of $33 billion, have assets of $38 billion and employ 206,000 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.