Onex Corp. said it has completed the sale of its 50% interest in RSI Home Products, selling the stake to the company for $323 million in proceeds. The Onex Group made a $318 million preferred equity investment in RSI in October 2008.
Onex Corporation (“Onex”) CA:OCX -0.04% and its affiliates (the “Onex Group”) today announced that they have completed the sale of their 50% interest in RSI Home Products (“RSI”) to the company for proceeds of $323 million.
The Onex Group made a $318 million preferred equity investment in RSI in October 2008. The Onex Group has received proceeds of $471 million, including prior distributions, which results in a multiple of invested capital of approximately 1.5 times and an 11% rate of return. Onex’ portion of the proceeds is $186 million, including the prior distributions.
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. The Company has approximately $15 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.
Onex’ businesses have assets of $43 billion, generate annual revenues of $37 billion and employ approximately 250,000 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.