Onex Corporation
TSX : OCX

Onex Corporation

December 22, 2010 18:46 ET

Onex Completes Acquisition of ResCare

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2010) -

All amounts in Canadian dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced the successful completion of the acquisition of ResCare. Onex Partners III contributed US$120 million to fund a portion of the transaction, of which Onex invested US$22 million as a limited partner in the Fund. Onex Partners I contributed its existing equity interest in ResCare, which at the transaction price was valued at US$113 million, of which US$27 million was Onex' portion. In connection with the acquisition, ResCare amended and restated its senior credit agreement and raised US$170 million of new senior secured indebtedness and US$200 million of new senior notes, proceeds of which were used to finance the transaction and repay ResCare's existing US$150 million senior notes. 

"We are very excited to continue our partnership with the ResCare management team and look forward to working together to further build on the company's success through organic growth and acquisition opportunities," said Robert LeBlanc, Managing Director at Onex. "We're proud to be associated with a company like ResCare that provides quality services to people in need."

ResCare is a leading U.S. provider of residential services to individuals with developmental and intellectual disabilities, in-home care to the elderly, and job training and education support services to youths with special needs and to adults who are experiencing barriers to employment. ResCare is the third investment completed by Onex Partners III, Onex' US$4.3 billion flagship private equity fund. 

About Onex

Onex is one of North America's oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the company manages approximately US$13 billion, of which US$9 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds. 

Onex' businesses generate annual revenues of $37 billion, have assets of $42 billion and employ more than 240,000 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.

Forward Looking Statements

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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