Onex to Sell Husky International for $2.1 Billion

TORONTO, ONTARIO--(Marketwire - May 3, 2011) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation (TSX:OCX) and its affiliates (the "Onex Group") today announced that they have entered into an agreement to sell Husky International to Berkshire Partners and OMERS Private Equity for $2.1 billion. The transaction is expected to close early in the third quarter and is subject to customary closing conditions.

In December 2007, the Onex Group acquired Husky with an equity investment of approximately $622 million. Upon completion of the transaction, the Onex Group will have received total net proceeds of $1.8 billion, including a prior $98 million distribution, which will result in a multiple of invested capital of approximately 2.9 times and a 36% rate of return. Onex' portion of the net proceeds from this sale would be approximately $635 million, including carried interest.

"This is an excellent outcome for Onex' shareholders and our limited partners," said Anthony Munk, a Managing Director of Onex. "Husky's performance is a testament to our approach to identifying attractive businesses and partnering with exceptional management teams to improve operations, enhance profitability and build industry-leading companies."

"In just over three years, Husky's operating profit has more than doubled as a result of its successful Transformation Plan. This is an extraordinary accomplishment given the operating environment that this business faced since we acquired it in late 2007," added Mr. Munk. "We have thoroughly enjoyed our partnership with John Galt and his first-class management team, and we wish them continued success."

"Through our partnership with Onex, Husky has focused its efforts to reduce waste, shed non-core and non-performing assets, and re-invested in better solutions and services to our core market customers," added Mr. Galt, Husky's Chief Executive Officer.

About Onex

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 $14 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 generate annual revenues of C$36 billion, have assets of C$42 billion and employ more than 238,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at The Company's security filings can also be accessed at

Forward-Looking Statements

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.

Contact Information:

Onex Corporation
Emma Thompson
Vice President, Investor Relations