Canadian buyout firm Onex Corp has completed its sale of TMS International Corp (NYSE: TMS) to interests of Thomas J. Pritzker and Gigi Pritzker, advised by The Pritzker Organization LLC, for US$410 million. Since it invested in the company in January 2007, Onex has received proceeds totaling US$504 million, including proceeds from TMS’ earlier initial public offering and prior distributions. This gave Onex and its partners a multiple of capital invested of 2.0 times and a 13% rate of return. Based in Glassport, Pennsylvania, TMS is a provider of outsourced industrial services to steel mills.
Onex Completes Sale of TMS International Corp.
Toronto, October 16, 2013 – Onex Corporation (“Onex”) (TSX: OCX) has completed the sale of TMS International Corp. (NYSE: TMS) to business interests of Thomas J. Pritzker and Gigi Pritzker, advised by The Pritzker Organization, LLC, for $17.50 in cash for each share.
Since 2007, Onex and Onex Partners II invested $249 million in TMS, and have received proceeds of $504 million, including proceeds from TMS’ earlier initial public offering and prior distributions. This results in a multiple of capital invested of 2.0 times and a 13% rate of return. Onex’ portion of these proceeds is $172 million, including carried interest of $10 million.
“TMS has been a profitable investment for Onex’ shareholders and limited partners,” said Tim Duncanson, a Managing Director of Onex. “We have immense appreciation for the work of the TMS management team and wish them continued success.”
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 $16 billion of assets under management, including $5 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as the largest limited partner in each of its Funds.
Onex’ businesses have assets of $45 billion, generate annual revenues of $36 billion and employ approximately 236,000 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.
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