File photo of the Onex Corp. logo.Nathan Denette/The Canadian Press
Onex Corp. says it has agreed to acquire British survival equipment provider Survitec Group Ltd. for $680-million.
Southampton, England-based Survitec sells survival gear, including suits and inflatables, for the marine, defence and aerospace industries.
The company has more than 2,000 employees and operates seven manufacturing facilities around the world. For its most recent fiscal year, ended March 31, 2014, Survitec generated approximately $370-million in revenues.
Onex is a private equity firm with offices in Toronto, New York and London.
The company has about $20-billion of assets under management, including $5.9-billion of Onex capital, in private equity and credit securities.
Onex says the purchase is expected to close in the first quarter, subject to customary conditions and regulatory approvals.
"Survitec is a pioneer in the survival technology industry, evidenced by its strong relationships with blue chip customers in the marine and aerospace segments, as well as defence departments around the world," said Tony Morgan, a managing director in Onex' London office.