Onex Corp has promoted Bobby Le Blanc to president and sole head of Onex Partners, the Canadian firm’s private equity strategy. Gerry Schwartz, Onex’s founder, will remain chairman and CEO. As part of this leadership change, Anthony Munk will become the firm’s vice chairman, while Seth Mersky will become vice chairman of Gluskin Sheff, an Onex portfolio company.
TORONTO, Aug. 19, 2020 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced the promotion of Bobby Le Blanc to President of Onex. Mr. Le Blanc will oversee all of Onex’ business units and become the sole Head of Onex Partners, the firm’s flagship private equity strategy. Mr. Le Blanc’s appointment reflects his decades-long commitment to Onex, his strong reputation among his peers, and his talent as a successful investor with a proven track record of managing teams and driving value creation. Gerry Schwartz will remain Chairman and CEO, with Bobby reporting to him.
Mr. Schwartz, said, “Having joined the firm more than 20 years ago, Bobby represents the best of Onex. I am confident he will continue to be a positive force in our future success and Onex, our shareholders and our partners will continue to benefit from his proven leadership.”
This announcement is part of Onex’ broader long-term leadership plan and positions the firm well for continued growth in the years to come. In the last five years, Onex’ assets under management have grown to over $35 billion, including almost $20 billion from private equity. Importantly, this growth has included almost doubling of the credit business to $12 billion of AUM, and adding wealth management through the acquisition of Gluskin Sheff in 2019. As Onex continues its thoughtful expansion into complementary, accretive strategies, Mr. Le Blanc’s new role will enable greater efficiency in the allocation of Onex’ human and financial capital to drive growth across all platforms.
As part of this leadership change, Anthony Munk will become Vice Chairman of Onex, providing investment advice across the firm and particularly at Onex Partners, as Chair of its Investment Committee.
Finally, Seth Mersky will step back from his broader role at Onex and become Vice Chairman of Gluskin Sheff. Mr. Mersky has been an integral part of Onex’ success since he joined the firm in 1997 and we are pleased he will continue to be an important part of the Onex family through his new role with Gluskin Sheff.
Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, senior loan strategies and other private credit strategies; and Gluskin Sheff’s wealth management services including its actively managed public equity and public credit funds. In total, Onex has approximately $35.6 billion of assets under management, of which approximately $6.6 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $25 billion and employ approximately 165,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.