Source: Onex Corporation

Onex Sells Remaining Stake in Allison Transmission

TORONTO, ONTARIO--(Marketwired - Sept. 9, 2014) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) and its affiliates (the "Onex Group") today announced the sale of their remaining 2.7 million shares of common stock in Allison Transmission (NYSE:ALSN).

The Onex Group and The Carlyle Group ("Carlyle") equally acquired Allison Transmission from General Motors in August 2007, each investing approximately $763 million. Over the course of the seven-year investment, the Onex Group received aggregate proceeds of approximately $2.4 billion, resulting in a multiple of capital invested of 3.2 times and a return on investment of 21% per annum. Onex Corporation's share of the cumulative proceeds is $770 million, including carried interest of $51 million, compared to its original investment of $237 million.

"It was a privilege to be associated with Allison Transmission beginning with the carve-out from General Motors through to its independence as a public company. It is one of the finest industrial businesses in America," said Seth Mersky, a Senior Managing Director of Onex. "It's also blessed with a fantastic management team led by Larry Dewey, who has steered the business through a tough economic downturn and made Allison stronger and more profitable today than it was when we acquired it."

"It has also been a great pleasure working with our good friends at Carlyle over the last seven years," added Mr. Mersky. "They have been great partners."

About Onex

With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. At August 31, 2014, the Company had approximately $22 billion of assets under management, including $6 billion of Onex capital, in private equity and credit securities. Onex invests its capital directly and as the largest limited partner in each of its Funds.

At August 31, 2014, Onex' businesses had assets of $31 billion, generated annual revenues of $24 billion and employed approximately 200,000 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.

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:

Emma Thompson
Head of the Funds Group
416.362.7711