TORONTO, ONTARIO--(Marketwire - July 25, 2012) -
All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) and its affiliates (the "Onex Group") today announced that they have completed the sale of Center for Diagnostic Imaging ("CDI") to Insight Imaging for proceeds to the Onex Group of $91 million.
The Onex Group acquired CDI in January 2005 with an equity investment of $73 million and has received proceeds of $145 million, including a prior distribution. This results in a multiple of invested capital of 2.0 times and a 10% rate of return. Onex' portion of the proceeds is approximately $37 million, including $3 million of carried interest and the prior distribution.
"CDI has been a successful investment for Onex and we are pleased with the outcome for everyone involved, including our shareholders and limited partners," said Robert Le Blanc, a Managing Director of Onex. "We have thoroughly enjoyed our partnership with the management team and wish them continued success."
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 $15 billion, of which $10 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 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.