Onex Corporation

Onex Corporation

January 04, 2005 08:56 ET

Onex Completes Acquisition Of Center For Diagnostic Imaging


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ONEX CORPORATION

TSX SYMBOL: OCX.SV

JANUARY 4, 2005 - 08:56 ET

Onex Completes Acquisition Of Center For Diagnostic
Imaging

TORONTO, ONTARIO--(CCNMatthews - Jan. 4, 2005) - All amounts in Canadian
dollars unless otherwise stated

Onex Corporation announced today that it has completed the acquisition
of Center for Diagnostic Imaging, Inc. ("CDI") in a transaction valued
at approximately $225 million. The completion of this transaction
follows receipt of regulatory approval and was in accordance with terms
previously announced.

CDI is a leading provider of diagnostic and therapeutic radiology
services. The company operates 31 diagnostic imaging centers in nine
markets in the United States. CDI's imaging services include magnetic
resonance imaging ("MRI"), computed tomography ("CT"), diagnostic and
therapeutic injection procedures and other procedures such as PET/CT,
conventional x-ray, mammography and ultrasound. Annual revenues are more
than $125 million.

"The company's industry leadership position, commitment to quality of
services and advanced processes make CDI an excellent platform upon
which to grow. We look forward to working with CDI's strong management
team to continue to achieve profitable growth within the business," said
Robert Le Blanc, an Onex Managing Director.

The acquisition was undertaken through Onex Partners LP, which invested
approximately $93 million in the equity for an 84% ownership interest.
The balance of the equity was purchased by members of the CDI management
team. Onex is an approximate 24% limited partner in Onex Partners and
controls the General Partner.

Onex Corporation is a diversified company with annual consolidated
revenues of approximately $16 billion and consolidated assets of
approximately $13 billion. Onex is one of Canada's largest companies
with global operations in service, manufacturing and technology
industries. Its operating companies include Celestica Inc., Magellan
Health Services, Inc., ClientLogic Corporation, Cineplex Galaxy LP, J.L.
French Automotive Castings, Inc., Commercial Vehicle Group, Inc.,
Res-Care, Inc., Cosmetic Essence, Inc., Center for Diagnostic Imaging,
Inc., InsLogic Corporation, Performance Logistics Group, Inc. and Radian
Communication Services Corporation. Onex shares trade on the Toronto
Stock Exchange under the stock symbol OCX.SV.

For more information on Onex Corporation, visit its website at
www.onex.com.

Onex Corporation'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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Onex Corporation
    Robert Le Blanc
    (212) 582-2211