TORONTO, ONTARIO--(Marketwired - July 16, 2014) -
All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) today announced it has agreed to acquire York Risk Services Group, Inc. ("York" or the "Company") for $1.325 billion. York is a premier provider of risk management, claims management and managed care services. The transaction is anticipated to close in the third quarter, subject to customary conditions and regulatory approvals.
York is the leading provider of insurance solutions to property, casualty, and workers' compensation specialty markets in the United States. The Company offers customized claims handling, managed care, specialized loss adjusting, risk pool administration, loss control, consulting and other risk management services. York provides these services to a wide variety of strategic partners including self-insured companies, public entities, insurance carriers, insurance pools, alternative risk groups and insurance intermediaries. The Company has 3,800 employees serving more than 6,300 clients through 75 offices.
"York's management team, led by Rick Taketa, is building an outstanding insurance services platform providing comprehensive solutions to its clients," said Robert Le Blanc, a Senior Managing Director with Onex. "We are excited to partner with Rick and his team to continue York's impressive track record of growth both organically and through strategic acquisitions."
"Onex is a great partner, and its investment will facilitate our growth and the continued development of the products and services we offer," said Rick Taketa, CEO of York. "Most important, the transaction will be positive for our clients, our employees and our operations."
The equity investment of approximately $560 million will be made by Onex Partners III, certain limited partners as co-investors, including Onex, and York's management team.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Head of the Funds Group
Tel: +1 416.362.7711
Source: Onex Corporation