Onex Corp. said Monday that it invested in Schumacher Group. Financial terms weren’t announced. Lafayette, Louisiana-based Schumacher, provides outsourced emergency and hospital medicine clinical staffing, as well as healthcare advisory services.
TORONTO, ONTARIO–(Marketwired – June 15, 2015) –
All amounts in U.S. dollars unless otherwise stated
Onex Corporation (“Onex”) (TSX:OCX) today announced an investment in Schumacher Group (“Schumacher”), a leading U.S. provider of outsourced emergency and hospital medicine clinical staffing, as well as healthcare advisory services. The terms of the transaction, which is expected to close in the third quarter of 2015 subject to customary conditions, were not disclosed.
Based in Lafayette, Louisiana, Schumacher operates in 28 states, treating more than four million patients annually. Dr. William C. “Kip” Schumacher, who founded the company in 1994, will continue to serve as Chairman of the Board and own a significant interest in the company along with existing management.
“Dr. Schumacher founded the company with a focus on delivering consistently good clinical outcomes and improving service quality, which has driven its success over the last two decades,” said Joshua Hausman, a Managing Director with Onex. “We are excited to partner with Dr. Schumacher, CEO Rich D’Amaro and the entire Schumacher team, and look forward to continuing to invest in its people and brand.”
Dr. Schumacher commented, “Our partnership with Onex is a natural next step for the company in ensuring our commitment to medical excellence and high quality patient care.”
Chief Executive Officer, Rich D’Amaro further remarked, “We see tremendous growth possibilities for the company and are excited to have Onex as our partner. We believe that Onex’ resources, strategic guidance and experience in working with companies like ours will allow Schumacher to accelerate its growth.”
The equity investment will be made by Onex Partners IV, Onex’ $5.7 billion flagship fund.
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. Onex’ credit platform manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $21 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $34 billion, generate annual revenues of $24 billion and employ approximately 196,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website atwww.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.