|[December 27, 2012]
USI Completes Its Acquisition By Onex
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
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 offies 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
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.
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