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Canadian Onex Corporation announces first closing at US$1bn

Canadian Onex Corporation has completed the initial closing of its private equity fund, Onex Partners LP, with commitments totalling $1bn. Onex is targeting $1.6bn and expects to reach a final closing in the first quarter of 2004.

‘We are pleased to welcome new investors to Onex Partners and look forward to the opportunities we have today to create both shareholder value and long-term relationships with private investors,’ said Gerard Schwartz, chairman and CEO of Onex Corporation.

‘With $1bn in committed capital, and a target of US$1.6bn, we will be well positioned to build upon our 19-year track record of acquiring and building great companies,’ he said.

Onex is one of Canada’s largest companies with operations in service, manufacturing and technology industries. Onex has contributed $400m to the fund.

The firm said its fund would provide committed capital for future Onex-sponsored acquisitions but not related to Onex’ existing operating companies.

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