Onex looks to sell The Warranty Group – Reuters

Canadian private equity firm Onex Corp (OCX.TO) is preparing to sell The Warranty Group, a provider of extended warranty contracts, which is expected to fetch more than US$1 billion, two people familiar with the matter told  Reuters this week. Onex bought the company from insurance broker Aon Corporation in 2006 for US$710 million. Onex put around US$510 million of equity into the deal, which also saw the Warranty Group’s management participate with a substantial investment.

Trade Show

Onex to Buy Nielsen Expositions for $950M

Canadian buyout firm Onex Corp. has agreed to acquire Nielsen Expositions from parent organization Nielsen Holdings N.V. for US$950 million. The deal is expected to close in the second quarter of 2013. Nielsen Expositions, of San Juan Capistrano, California, operates more than 65 business-to-business trade shows and conference events every year. Onex Partners III, Onex’s US$4.7 billion private equity fund, will invest approximately US$350 million of equity in the transaction.

Slideshow: U.S. M&A Remains Slow But Steady

In a surprise, the U.S. M&A market seems quite steady. There were 101 U.S. announced deals this week (Nov. 25 to Nov. 30), valued at $32.9 billion, according to data from Thomson Reuters. This compares to last year, when there were 82 U.S. announced mergers from Nov. 20 to Nov. 26 (the last full week of November), totaling about $24.5 billion.

Madison Dearborn to Buy Schrader Unit from Tomkins for $505 Mln

Tomkins, which is backed by Onex Corp. and Canada Pension Plan Investment Board, has agreed to sell its Schrader division to Madison Dearborn Partners. The sale price is $505 million cash, plus a small minority equity interest in the parent of the purchasing company. The deal is expected to close in the second quarter. Schrader […]

DuPont Unit Deal Could Fetch $4B

Some big name PE firms are lining up for chemical maker Dupont’s car paints business auction–but will is financing too tight to keep any single LBO shop from making a $4 billion deal?

Small Conn. Shop Generates Large Return

Hamilton Robinson Capital Partners LLC generated a healthy return in its sale of Davis-Standard, a company that makes machines that make plastic packaging, to ONCAP, a company owned by the publicly traded Canadian investment firm Onex Corp., sister magazine Buyouts reported earlier today. The Stamford, Conn.-based buyout firm sold the company to ONCAP for $189 […]

Onex, Caisse Team Up For AXA PE While Carlyle Walks Away

Just a short update on the auction of AXA PE.

Onex Corp. is teaming up with Caisse de Depot et Placement du Quebec, the Canadian pension plan, to make a bid for AXA PE, two sources say. KKR is still interested while several sources confirm that BlackRock has dropped out.

peHUB, earlier this month, reported that BlackRock was no longer involved in the auction.

Pricing for AXA PE is aggressive and has caused some “natural players” to bow out, one banker says. The Carlyle Group, which agreed to buy a 60% stake in AlpInvest Partners earlier this year, was expected to vie for AXA PE.

ONCAP Wraps $800M Fund

Onex Corp’s ONCAP raised a third fund, the TSX-listed investment firm, closed its third fund with $800 million Canadian committed. The fund will consist of $520 million in outside capital and $280 million that is being contributed from Onex. In June, ONCAP III completed its first transaction with the acquisition of Hopkins Manufacturing Corporation.

Onex Boosts JELD-WEN Investment to $864 Mln

Onex Corp. said Monday that it will invest $864 million into JELD-WEN. This is up from the previously announced $675 million it had planned to invest in the Oregon-based door maker. The investment from Onex will be made in two tranches and include $675 million in convertible preferred stock as well as $189 million in a convertible note. Onex’s share of the investment will be about $295 million. The deal was originally announced in May.

Sterling Group To Buy Stackpole for $285 Mln

Tomkins, the UK manufacturing firm, is selling Stackpole International after eight years.

The Sterling Group, a Houston PE firm, is the buyer.

Tomkins acquired Stackpole in 2003 for C$331 million (now valued at US$349 million), according to reports. Toronto-based Stackpole makes automotive powertrain systems and components.

Now here’s where things get confusing. Last year, Onex Corp. and the Canada Pension Plan Investment Board bought Tompkins for US$4.5 billion. Onex and the CPP Investment Board formed Pinafore to buy Tomkins.

Friend Skoler Sells Hopkins Manufacturing to ONCAP

ONCAP Management Partners, the middle market PE platform of Onex Corp., has acquired Hopkins Manufacturing Corp. Financial terms weren’t announced. The seller was Friend Skoler & Co., a PE firm based in Saddle Brook, N.J. Hopkins Manufacturing makes branded automotive aftermarket products. Bram Hall, Will Cooper, Matt Salisbury and Ches Riley of BlackArch Partners advised on the sale of the company.


A Reborn HCI Equity Puts Pay-To-Play Past To Rest

Long before the pay-to-play scandals in present-day New York and New Mexico came a whopper of one more than a decade ago in the state of Connecticut.

Today a firm that took a glancing blow from that scandal is emerging with a new name, HCI Equity Partners; a fresh $200 million fund; and a strategy of buying and selling small but growing industrial products and services companies generating $20 million to $200 million in annual revenue.

The firm has also scored some recent exits. HCI Equity was expecting today to close the sale of its stake in Mistras Group Inc., whose products are used to test the integrity of tanks, pipes, valves and other industrial products. In March the firm sold its stake in Progressive Waste Solutions, which provides waste disposal services to both commercial and residential customers. Both companies are traded on the New York Stock Exchange.

A quick history lesson to demonstrate the challenges the firm overcame: In 1999 the disgraced ex-treasurer of Connecticut, Paul Silvester, pleaded guilty to racketeering charges for accepting payments—or directing payments to others—in return for making state pension-fund commitments to several investment firms. (Sound familiar?)

Onex Corp. To Invest $675M In US-based Door Maker – Reuters

Onex Corp. plans to invest $675 million in JELD-WEN Holdings Inc., Reuters reported. It intends to pay $475 million to acquire a 39 percent stake in the Oregon-based door maker.Onex Corp. of Canada plans to invest $200 million through a convertible note that can be redeemed within 18 months.

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