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The $64-million man: Onex chairman and CEO Gerry Schwartz (Mark Blinch/Reuters/Mark Blinch/Reuters)
The $64-million man: Onex chairman and CEO Gerry Schwartz (Mark Blinch/Reuters/Mark Blinch/Reuters)

Onex has 'considerable cash to invest' Add to ...

Onex Corp. on Wednesday reported a profit in its latest quarter as revenue increased by 25 per cent compared with a year ago.

The private equity investor said it earned a profit attributable to shareholders totalling $146-million (U.S.) or $1.25 a share for the quarter ended Sept. 30. That compared with a loss attributable to shareholders of $40-million or 34 cents a year ago.

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Revenue totalled $6.01-billion, up from $4.79-billion.

Onex chairman and chief executive officer Gerry Schwartz said the past few months have been turbulent for equity and credit markets.

That has reduced valuations in many of the private equity deals in which Onex invests.

“Fortunately, we completed a number of transactions earlier this year when the markets were stronger, which resulted in Onex and our partners realizing approximately $3.3-billion,” he said in a statement.

“We now find ourselves in a desirable position with considerable cash to invest. While corporate mergers and acquisitions activity has been tepid and credit markets have softened, we remain committed to finding great businesses to own and build for our investors.”

Onex manages investments focused on private equity, real estate and credit securities with about $13-billion under management including $9 billion in third-party capital.

The company reported its results after the close of markets.

 
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