Canadian private equity firm Onex Corp has completed its previously announced acquisition of York Risk Services Group Inc, a provider of risk management, claims management and managed care services, for US$1.325 billion. The seller in the transaction was U.S. private equity firm ABRY Partners, which bought the Parsippany, New Jersey-based company in late 2010. Onex said it made the investment through Onex Partners III LP, but that going forward the firm will be investing from Onex Partners IV LP, which closed at US$5.15 billion in May.
Onex Completes Acquisition of York Risk Services Group
Toronto, October 1, 2014 – Onex Corporation (“Onex”) (TSX: OCX) today announced it has completed the acquisition of York Risk Services Group, Inc. (“York”) for $1.325 billion. York is a provider of risk management, claims management and managed care services.
The total equity investment of approximately $555 million was made by Onex Partners III, Onex and York’s management team. The York acquisition is the last new investment for Onex Partners III. Onex will now begin investing from Onex Partners IV, a $5.15 billion fund raised in May 2014.
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. At August 31, 2014, the Company had approximately $22 billion of assets under management, including $6 billion of Onex capital, in private equity and credit securities. Onex invests its capital directly and as the largest limited partner in each of its Funds.
At August 31, 2014, Onex’ businesses had assets of $31 billion, generated annual revenues of $24 billion and employed approximately 200,000 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:
Head of the Funds Group
Tel: +1 416.362.7711
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