Onex closes $445M acquisition of Gluskin Sheff

Onex Corporation (TSX: ONEX) has completed the acquisition of Gluskin Sheff + Associates Inc. (TSX: GS) for a total consideration of approximately CDN $445 million or US $330 million.

The acquisition was made by Onex directly, not through any of its investment platforms. Blair Franklin acted as financial advisor to Gluskin Sheff. Torys LLP and Goodmans LLP acted as legal counsel to Onex and Gluskin Sheff respectively.

Gluskin Sheff will continue to be operate under its brand and to be led by existing management team led by Jeffrey Moody (President & CEO), Peter Zaltz (EVP & co_CIO), Bruce Leboff (Managing Director of Client Wealth Management), who have rolled over a significant portion of their Gluskin Sheff shares into Onex subordinate voting shares.

Founded in 1984, Gluskin Sheff has been managing investment portfolios for high net worth private clients as well as select institutional investors, including family offices, foundations, endowments and both public and private pension plans. More recently, Gluskin Sheff has expanded its suite of wealth management services to include wealth planning.

photo credit: Gluskin Sheff

News Release

All amounts in U.S. dollars unless otherwise stated

– Onex Completes Acquisition of Gluskin Sheff –

Toronto, June 3, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) and Gluskin Sheff + Associates Inc. (“Gluskin Sheff”) (TSX: GS) today announced they have completed their transaction, under which Onex acquired 100% of Gluskin Sheff for a total consideration of approximately C$445 million ($330 million).

This transaction brings together two of Canada’s pre-eminent investment firms and provides investors with a comprehensive investment offering across both private and public markets. Gluskin Sheff will continue to be led by its existing leadership team and operate under its brand. Gluskin Sheff will be de-listed from the Toronto Stock Exchange tomorrow.

About Onex

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, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. In total Onex’ assets under management today are approximately $37 billion, of which approximately $6.6 billion is 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 operating companies have assets of $51 billion, generate annual revenues of $31 billion and employ approximately 172,000 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.

For further information:
Onex
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

Gluskin Sheff
David R. Morris
Chief Financial Officer and Secretary
Tel: +1 416.681.6036

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.