Canadian private equity firm Onex Corp has sold Cypress Insurance Group Inc, a U.S.-based provider of auto insurance, homeowners and business insurance and an Onex portfolio company since 1998. Cypress was sold to an unidentified group of private investors for US$63 million, of which US$43 million went to Onex. Including prior distributions, Onex has received aggregate proceeds of around US$116 million, resulting in a multiple of capital invested of 2.3x and a gross IRR of 17 percent. Onex this week acquired another insurance agency, York Risk Services Group Inc of Parsippany, New Jersey, for US$1.3 billion.
Onex Sells Cypress Insurance Group
Toronto, July 17, 2014 – Onex Corporation (“Onex”) (TSX: OCX) today announced it has completed the sale of Cypress Insurance Group (“Cypress”) to a group of private investors for $63 million, of which Onex’ share is $43 million.
Onex has invested approximately $50 million in the company since 1998. Including prior distributions, Onex has received aggregate proceeds of approximately $116 million, resulting in a multiple of capital invested of 2.3 times and a gross IRR of 17%.
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. At March 31, 2014, the Company had approximately $21 billion of assets under management, including $6 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.
At March 31, 2014, Onex’ businesses had assets of $45 billion, generated annual revenues of $35 billion and employed approximately 231,000 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.
For further information:
Head of the Funds Group
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