TORONTO, ONTARIO--(Marketwired - Aug. 21, 2014) - All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) announced today that ONCAP II has completed the sale of Car Wash Partners, Inc. ("Mister Car Wash"), the largest independent full-service car wash chain in the U.S., to Leonard Green & Partners.
ONCAP II acquired Mister Car Wash in April 2007 and has worked alongside management to build a larger and more diversified business, growing from 39 locations to more than 130 today. Including prior distributions, ONCAP II has received net proceeds of $423 million compared to its original investment of $52 million. This represents a gross multiple of capital invested of about 8.1 times (7.7 times in CAD) and a gross IRR of 36% (35% in CAD). Onex received net proceeds of $153 million from this sale.
"This is a great outcome for everyone involved," said Michael Lay, Managing Partner of ONCAP. "The management team has done a terrific job building the leading platform in the car wash space and we are confident they will continue their strong growth trajectory going forward. We wish the team ongoing success and want to thank them for the wonderful partnership we have enjoyed over the past seven years."
ONCAP is the mid-market private equity platform of Onex. ONCAP, in partnership with operating company management teams, invests in and builds shareholder value in North American small and mid-size companies that are leaders in their defined market niche and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.
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. The Company has approximately $22 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.
Onex' businesses have assets of $31 billion, generate annual revenues of $24 billion and employ approximately 200,000 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.