BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Insurance Services (“USI”) today announced the completion of its acquisition by Onex Corporation (“Onex”) (TSX: OCX), one of the oldest and most successful private equity firms, for approximately $2.3 billion. At closing, a considerable investment was made from USI employees. Onex, Onex Partners III and USI employees own 100% of the Company.
Michael J. Sicard, USI Chairman, President and CEO, commented, “With the completion of this transaction and with Onex as our private equity partner, USI will continue to accelerate our path to become the top insurance broker in the U.S. middle market and select specialty markets. I’d like to thank our clients and the USI associates who work so hard each day to serve them. Over the past five years, USI has grown to become a vibrant firm that provides differentiating value through a unique breadth and depth of solutions that specifically address client issues and translate them into meaningful, measureable results. We have a clear path ahead and we look forward to continued growth with our clients, associates and prospects.”
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. The Company has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary 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.
About USI Insurance Services
Founded in 1994, USI is the 9th largest insurance broker in the United States and the 13th largest in the world. USI is headquartered in Briarcliff Manor, NY, and operates out of approximately 100 offices across the United States. Additional information about USI may be found at www.usi.biz.
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. USI is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.