Onex has made an undisclosed investment in Advanced Integration Technology. The transaction is expected to be completed in December. AIT is a provider of aircraft components, maintenance services and automated tooling for the aerospace sector.
TORONTO, ONTARIO–(Marketwired – Nov. 24, 2014) – Onex Corporation (“Onex”) (TSX:OCX) today announced an investment in Advanced Integration Technology (“AIT”), a leading provider of automation and tooling, maintenance services and aircraft components to the aerospace industry. The terms of the transaction, which is expected to close in December subject to customary conditions, were not disclosed.
AIT designs, manufactures and installs turnkey systems, automated tooling, and equipment for the assembly of aerospace structures. The company also makes and repairs aircraft components and tooling, and sells maintenance and installation services to aerospace suppliers. AIT serves its customers through facilities in the United States, Canada, Spain and Sweden, and has more than 550 employees.
“In Onex, we’ve found a partner that understands our business and customers well, and has the resources and aerospace credentials to help us grow,” said Ed Chalupa, Founder, President and CEO of AIT.
“AIT has been a leader in automation and tooling for some time and it’s been exciting to see the company bring its standards of innovation and service to new business lines. Ed Chalupa and Karl Williams have built a wonderful business and we’re fortunate to be a part of it,” said Tawfiq Popatia, a Managing Director with Onex.
The investment will be the first for Onex Partners IV, Onex’ $5.15 billion flagship fund.
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. 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 $20 billion of assets under management, including $5.9 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 $22 billion and employ 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.