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    Business

Onex Corporation Agrees to Buy USI for $2.3 Billion

by Paul Wilson |
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Tuesday, Nov 27, 2012
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Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /home/usastock/public_html/wp-includes/wp-db.php on line 1942
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class="post-11293 post type-post status-publish format-standard has-post-thumbnail hentry category-business tag-goldman-sachs tag-gs-capital-partners tag-onex-corporation tag-tseocx tag-usi">

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The Onex Corporation (TSE:OCX) has announced that it has agreed to purchase USI, one of the foremost insurance brokers in the U.S., for $2.3 billion. The deal is expected to be finalized by the end of this year, subject to routine formalities and regulatory approvals.

USI, with its headquarters in Briarcliff Manor, New York, was founded in 1994. It has a workforce of over 3,300 employees and around 100 offices across the country. It claims to be “the 9th largest insurance broker in the United States and the 13th largest in the world.”

As quoted in the announcement, Robert Le Blanc, an Onex Managing Director, said “The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions.”

Mike Sicard, Chief Executive Officer of USI stated that, “Our world-class brokers and investment in differentiating client solutions have allowed us to continually strengthen our market position by providing our clients with a level of value that is unparalleled in the middle-market”. He further commented, “We look forward to our next phase of growth in partnership with Onex.”

Onex is a private equity firm with offices in Toronto, New York and London. It appears that this acquisition will help it to expand its financial services footprint. Onex’ equity investment, split between the company and one of its funds, will total some $700 million.

Onex is purchasing its share from GS Capital Partners, part of the Goldman Sachs Group. After the transaction Onex, along with one of its funds as noted above, and USI employees will own 100% of the company.


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