Onex Corp has closed its previously announced buy of Survitec Group Limited for 450 million pounds. Based in the UK, Survitec is a provider of marine, defense and aerospace survival equipment.
LONDON, UNITED KINGDOM–(Marketwired – March 12, 2015) – Onex Corporation (“Onex”) (TSX:OCX) today announced it has completed the acquisition of Survitec Group Limited (“Survitec”) for £450 million. Survitec is a market-leading provider of marine, defence and aerospace survival equipment. Onex Partners IV made an investment of approximately $335 million, of which Onex’ share was $75 million as a limited partner in the Fund. Onex Partners IV and Survitec’s management team own 100% of the company.
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 $6.0 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.
Onex’ businesses have assets of $29 billion, generate annual revenues of $21 billion and employ approximately 192,000 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.