The brokerage currently has an "outperform" rating on the stock CIBC's target price indicates a potential upside of 28.15% from the stock's previous close A number of other analysts also recently commented on ONEX TD Securities lowered their target price on Onex from C$140.00 to C$137.00 in a research note on Monday Scotiabank decreased their price target on Onex from C$145.00 to C$130.00 and set an "outperform" rating for the company in a report on Thursday View Our Latest Stock Analysis on ONEX TSE ONEX traded up C$2.37 on Monday 160,734 shares of the company's stock traded hands Onex has a fifty-two week low of C$85.36 and a fifty-two week high of C$118.91 The company has a debt-to-equity ratio of 49.85 a quick ratio of 2.41 and a current ratio of 17.51 The firm has a market cap of C$5.08 billion The stock has a 50 day moving average price of C$96.53 and a 200-day moving average price of C$105.18 MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on.. While Onex currently has a Moderate Buy rating among analysts top-rated analysts believe these five stocks are better buys View The Five Stocks Here Looking for the next FAANG stock before everyone has heard about it Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools Chart for ONEX Corporation Subordinate Voting Shares (ONEX:CA) Providing the latest insights and updates for stock traders across Canada Issues with signing in? Click here Need help signing in? Your email address is already registered with us. Click here to receive a verification link and login. Don't have an account? Click here to register Please check your spam or junk folder just in case Onex Corporation (TSX: ONEX) and its mid-market private equity platform ONCAP announced the final close for ONCAP V ONCAP V achieved several key objectives relative to its prior fund increasing third-party capital by more than 50% and welcoming many new investors to the ONCAP platform Latham & Watkins LLP represented Onex in the fund formation with an investment funds team led by New York partner Matthew Chase Advice was provided on tax matters by New York partner Gregory Hannibal and counsel Lauren Bewley and on funds regulatory matters by Washington Germany-headquartered Fischbach KG (“Fischbach“) the world’s largest provider of packaging solutions for adhesives and sealants completed the majority sale to Onex Partners (“Onex”) a Canadian-based global private equity firm with US$49.7 billion in assets under management Kroll served as the exclusive M&A advisor to the shareholders of Fischbach in connection with the transaction “We are delighted to partner with Onex in the next stage of our growth journey and our relentless focus on delivering best-in-class product to our customers Appointing Kroll Investment Banking to lead this very important transaction for us has been a wise decision Kroll demonstrated unparalleled commitment and delivered exceptional results throughout the entire and well-engineered process led by Andreas Stoecklin Philipp Bose and the exceptional M&A advisory team We couldn’t have asked for a better advisor.” with a global reputation for delivering leading-edge cartridge system solutions We are proud to be the first institutional investors in the Company and that the owner-managers have chosen to partner with us Such partnerships are a hallmark of Onex Partners and the investment aligns with our theme of investing in high quality businesses with controllable value creation levers It builds on our rich heritage in the packaging sector “Congratulations to both Fischbach and Onex on this remarkable partnership and sincere thanks to Latham & Watkins Boston Consulting Group as well as Alvarez & Marsal working alongside us on this important transaction.” Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe Onex has a long track record of creating value for their clients and shareholders Onex’ two primary businesses are Private Equity and Credit Onex’ investors include a broad range of global clients including public and private pension plans Onex has US$49.7 billion in assets under management of which US$8.1 billion is Onex’ own investing capital Onex and its experienced management teams are collectively the largest investors across Onex’ platforms Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca Corporate Finance and RestructuringM&A advisory transaction diligence and independent financial opinions Mergers and Acquisitions (M&A) AdvisoryKroll’s investment banking practice has extensive experience in M&A deal strategy and structuring transaction advisory services and financial sponsor coverage If you would like to access this article you must become a Premium Subscriber Premium subscribers receive complete access to our daily breaking news Knowledge Bank and LP profiles - all which are accessible via our mobile platform Subscribe below or contact customerservice@altassets.net Get the latest PE News & Research delivered to your inbox every morning on its pending sale to Onex Partners Opportunities Fund is a leading global supply chain solutions provider supply and inventory management of high-volume consumable hardware components for aerospace engine overhauls Farsound serves a global customer base from facilities and offices in the UK with a significant investment being made into a newly established facility in the US The company acts as a strategic partner to leading engine MRO providers supporting key commercial engine platforms said, “The development of our company over the past years has been notable supporting our expansion and diversification We look forward to collaborating with our new equity partner we have worked closely with Farsound’s management team to expand and diversify the business’ engine coverage Against the backdrop of the Covid pandemic and subsequent recovery in air travel our collaboration has supported Farsound in providing a significantly enhanced service to its customers and a more global and expanded business.” William Blair and BDA acted as the exclusive financial advisors to AGIC AGIC is a European-Asian fund focused on investments in the advanced industrial and healthcare technology sectors BDA Partners is the global investment banking advisor for Asia We are a premium provider of Asia-related advice to sophisticated clients globally with over 25 years’ experience advising on cross-border M&A capital raising and financial restructuring We provide global reach with our teams in New York and London and true regional depth through our seven Asian offices in Mumbai We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes BDA Partners has strategic partnerships with William Blair a premier global investment banking business a Japanese Government-owned bank with US$150bn of assets received investment from PATRIZIA and Mitsui (APAC Sustainable Infrastructure Fund) divested Oriental Foods and IIT Corporation to raised US$50m in Series B capital and formed a strategic partnership with If you are looking for BDA China, a Beijing-based investment advisor, please go here Subscribe now the world’s leading sports and live entertainment company a leading investor and alternative asset manager today jointly announced the closing of the sale of ASM Global (“ASM”) a global leader in third-party venue and event management The announcement follows the successful conclusion of the process to obtain required approvals for the sale transaction previously agreed to and announced by the parties in November of 2023 “This transaction is the culmination of our vision to drive ASM’s growth and unlock substantial business value in the company This milestone will allow us to focus on the continued growth of AEG’s core businesses including our owned and operated real estate and venues and our live entertainment and ticketing business,” said Dan Beckerman “We are pleased to complete our investment in ASM after having partnered with its management team and with AEG to expand the business successfully navigate the pandemic and position it for future success,” said Kosty Gilis and Amir Motamedi “We are confident Legends will deliver continued growth and differentiated services to its clients around the globe in the years ahead.” ASM Global manages a portfolio of live event entertainment venues worldwide and provides best-in-class venue management and operation services ASM Global operates venues that serve live events for more than 164 million guests annually Legends provides a complementary offering of hospitality and merchandise services to many of the world’s most iconic sports AEG is the world’s leading sports and live entertainment company The company operates in the following business segments: Onex invests and manages capital on behalf of its shareholders and clients across the globe we have a long track record of creating value for our clients and shareholders Our investors include a broad range of global clients family offices and high-net-worth individuals Onex has $49 billion in assets under management of which $8.5 billion is Onex’ own investing capital Onex and its experienced management teams are collectively the largest investors across Onex’ platforms Michael RothVP, Communications, AEGTel: (310) 308-7684mroth@aegworldwide.com Jill Homenuk Managing Director – Shareholder Relations and Communications 'The private equity industry continues to face challenges around realizations,' CEO Bobby Le Blanc said in a Q3 earnings call I’m particularly proud of what our teams were able to accomplish on this front.' Latham & Watkins LLP has advised the partners of Fischbach KG the world’s largest provider of packaging solutions for sealants and adhesives on the sale of a majority stake in Fischbach to Onex Partners Fischbach’s packaging solutions are used in building repair marine weather and water-sealing applications Onex invests alongside members of the existing owner-management team Kroll (led by Andreas Stöcklin) acted as M&A advisor to the sellers The Latham team was led by Munich corporate partners Rainer Traugott and Stephan Hufnagel with associates Andreas Holzgreve Advice was also provided on tax matters by Munich partner Stefan Süß with associate Manuela Minsel; and on antitrust matters by Frankfurt partner Max Hauser with associate Judith Jacop Evstart is an electric vehicle charging solutions company View all events > AM Best confirms that the financial strength rating and long-term issuer credit ratings of Accredited’s subsidiary companies remain unchanged following their acquisition by Onex Partners from R&Q Insurance Holdings Ltd. — a deal that was completed on June 28 AM Best placed these credit ratings under review with developing implications on Oct. 22, 2023, when Randall & Quilter Insurance Holdings Ltd. entered into a conditional agreement to sell 100% of its equity interest in Randall & Quilter America Holdings Inc. its program management subsidiary to funds advised by Onex Unchanged are the financial strength rating of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of Accredited Specialty Insurance Company (in Arizona); Accredited Surety and Casualty Co (in Orlando) and Accredited Insurance (Europe) Ltd The companies are collectively known as Accredited Onex Partners Completes Acquisition of R&Q’s Program Manager, Accredited Accredited will now operate as an independent program management company providing insurance capacity in Europe Accredited provides underwriting capacity to large managing general agents in exchange for a recurring fee noting that Onex has confirmed that this strategy remains unchanged with the acquisition AM Best said it views the sale of Accredited to Onex as credit positive for Accredited The ratings are expected to remain under review with developing implications until AM Best assesses the quality and extent of support provided by Onex to Accredited at which point the ratings review may be resolved AM Best confirms that its financial strength rating and long-term issuer credit ratings of Accredited’s subsidiary companies remain unchanged following their acquisition by Onex Partners from R&Q Insurance Holdings Ltd., which was completed on June 28 AM Best placed these credit ratings under review with developing implications on Oct when Randall & Quilter Insurance Holdings Ltd entered into a conditional agreement to sell 100% of its equity interest in Randall & Quilter America Holdings Inc. the intermediate holding company of Accredited Please tell us what we can do to improve this article Get the insurance industry's trusted newsletter Onex Co. (TSE:ONEX - Get Free Report)'s share price passed below its 50 day moving average during trading on Thursday The stock has a 50 day moving average of C$99.44 and traded as low as C$90.47 TD Securities reduced their price objective on shares of Onex from C$140.00 to C$137.00 in a research note on Monday View Our Latest Stock Analysis on Onex The firm has a market capitalization of C$4.68 billion a price-to-earnings-growth ratio of 1.47 and a beta of 1.53 a current ratio of 17.51 and a debt-to-equity ratio of 49.85 The firm's 50-day simple moving average is C$98.34 and its 200-day simple moving average is C$105.15 Unlock your free copy of MarketBeat's comprehensive guide to pot stock investing and discover which cannabis companies are poised for growth you'll get exclusive access to our daily newsletter with expert stock recommendations from Wall Street's top analysts will remain as investors and continue to make significant new investments in the business with Carlyle maintaining its control position in partnership with the investor group and the Sedgwick management team Longtime investors CDPQ and Onex are continuing their support of Sedgwick as minority shareholders "Today marks a significant milestone for Sedgwick as we embark on our journey that brings together a strategic vision building on our global footprint comprehensive service capabilities and new service offerings for decades to come," said Mike Arbour "We are grateful to our team of investors for their continued support of our work." Sedgwick's total enterprise value is now approximately $13.2 billion an increase from $6.7 billion when Carlyle made its initial investment in Sedgwick in 2018 As Sedgwick continues to grow and expand operations The company will continue to remain an independent private company with an unwavering focus on claims handling excellence leveraging data and technological innovation to drive new successes LLC and BofA Securities served as financial advisors and Latham & Watkins LLP served as legal advisor to Sedgwick Morgan Securities LLC and Barclays served as financial advisors and Kirkland & Ellis served as legal advisor to Altas CDPQ is a trademark registered by the Caisse de dépôt et placement du Québec and used under license by its subsidiaries.  SOURCE Sedgwick Claims Management Services the world's leading risk and claims administration partner has launched a new evolution of its proprietary tool through an ongoing.. a leading global provider of claims management and technology-enabled business solutions launches an innovative solution,.. Insurance Banking & Financial Services Do not sell or share my personal information: 2024 (GLOBE NEWSWIRE) -- Oak Hill Advisors (“OHA”) served as Lead Left Arranger for a private unitranche facility supporting the acquisition of Farsound Aviation Limited (“Farsound”) by private equity sponsor Onex Farsound is a leading global supply chain solutions provider for the aerospace engine maintenance OHA’s extensive knowledge of the aerospace sector and experience from previous investments in the industry enabled it to play a key role in this LBO financing solution “With its best-in-class management team and unique business model supported by Onex’ extensive experience and strategic presence in the industry we believe Farsound is well-positioned to continue its strong growth trajectory,” said Alexis Atteslis we continue to grow our European private credit business leading transactions and providing flexible About OHA: Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns The firm manages approximately $65 billion of capital across credit strategies stressed and distressed debt and collateralized loan obligations as of June 30 OHA’s emphasis on long-term partnerships with companies sponsors and other partners provides access to a proprietary opportunity set allowing for customized credit solutions across market cycles the property/casualty program manager and subsidiary of R&Q Insurance Holdings Ltd. announced the completion of its acquisition by Onex Partners The sale of the unit comes on the heels of R&Q’s decision on June 21 to file for liquidation in Bermuda after facing months of growing financial difficulties Accredited will now operate as an independent program management company providing “A-” rated (AM Best) insurance capacity in Europe Accredited writes more than $2.1 billion of gross premium and partners with MGAs on over 70 programs R&Q had seen ongoing adverse loss development in its core legacy acquisition business unexpected costs and expenses connected to the sale of Accredited as well as the inability to consummate external legacy transactions – all of which put it into a weakened financial state R&Q’s original plan was to sell Accredited, use the cash to rebuild its capital and refocus on its core legacy business. However, the capital crunch had “a material impact on the company’s stability as a business and as a going concern,” according to R&Q on June 13 The decision ultimately was made to liquidate the company which helped expedite the sale of Accredited The sale was first announced on Oct. 20, 2023 – for a purchase price of $465 million A representative of Accredited confirmed that the transaction structure has changed but wouldn’t disclose specifics about whether there have been changes to the deal price [Accredited] will continue to partner with best-in-class MGAs and reinsurers strong balance sheet and ‘A-‘ AM Best financial strength rating,” commented William Spiegel “Our strategy remains unchanged; we will focus on supporting the growth of our MGA partners and delivering high quality diversified business to our reinsurance partners.” “Accredited has established itself as a leading program manager with a differentiated transatlantic footprint a well-diversified and high-quality book of business deep reinsurer relationships and robust underwriting and risk management protocols,” according to Adam Cobourn “We look forward to partnering with Accredited’s management and employees to strengthen and grow the business Accredited will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners,” Cobourn continued In addition to the sale of Accredited, R&Q announced on June 24 it had agreed to sell its UK-based legacy general acquisition subsidiary for £11.25 million (US$14.2 million) in cash Inclusive of the impact of the novation of the reinsurance arrangements the transaction is expected to generate approximately £13 million (US$16.4 million) of liquidity for the company R&Q further announced on June 27 that joint provisional liquidators (JPLs) had been appointed in Bermuda to oversee the liquidation and ultimately wind up the company Mark Allitt and Charles Thresh of Teneo (Bermuda) Ltd Jerome Lande and Robert Legett tendered their resignations as directors of R&Q Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information chief executive officer of Onex Corp. with TD Cowen upgrading the stock to buy amid blockbuster credit fundraising this year The Toronto-based firm has raised $5.6 billion this year for structured credit Chief Executive Officer Bobby Le Blanc told analysts on Friday TD Cowen analyst Graham Ryding said it’s “well ahead” of expectations for the year The resumption of activity at the Neorion Shipyards on the island of Syros has sent a message of a total restart not only of the Cyclades islands and the shipbuilding industry the country’s national economy and finance minister stated on Monday during his visit to the ONEX-operated facilities Enter your information below to receive our weekly newsletters with the latest insights opinion pieces and current events straight to your inbox This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page Sign In Register reported a loss in its fourth quarter compared with a profit a year earlier says its net loss amounted to US$2 million or two cents US per diluted share for the quarter ended Dec The result compared with a profit of US$373 million or US$4.81 per diluted share in the last three months of 2023 Total segment net earnings amounted to US$47 million or 62 cents US per diluted share for the quarter down from US$372 million or US$4.80 per diluted share a year earlier Distributable earnings for the quarter amounted to US$231 million for the fourth quarter Onex says it has about US$51.1 billion in assets under management of which $8.3 billion is its own investing capital This report by The Canadian Press was first published Feb Some of Asia's most influential LPs have teamed up to catalyse climate investments in the region Plus: Onex has been ramping up its distributions in a bid to resume fundraising for its latest private equity flagship The transaction saw Onex acquiring Randall & Quilter America Holding a property/casualty programme manager and a subsidiary of R&Q Insurance Holdings.   This move solidifies Onex’s position in the insurance sector with Accredited to provide independent programme management and insurance capacity across Europe which writes more than $2.1bn (£1.66bn) of gross premium and collaborates with managing general agents (MGAs) on more than 70 programmes Accredited reported estimated net assets of $255.6m and a GAAP pre-tax profit of $23.6m for the year.  saw Onex acquiring Randall & Quilter America Holding R&Q Insurance stated that the deal proceeds have been used to separate the Accredited business reduce debt on the company’s secured revolving credit facility and support the wind-down of its remaining legacy businesses Don’t let policy changes catch you off guard Stay proactive with real-time data and expert analysis Accredited CEO William Spiegel said: “As an independent platform we will continue to partner with best-in-class MGAs and reinsurers strong balance sheet and A- AM Best financial strength rating.   “Our strategy remains unchanged; we will focus on supporting the growth of our MGA partners and delivering high-quality diversified business to our reinsurance partners.”  Onex Partners managing director Adam Cobourn said: “Accredited has established itself as a leading programme manager with a differentiated transatlantic footprint and robust underwriting and risk management protocols “We look forward to partnering with Accredited’s management and employees to strengthen and grow the business Accredited will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners.”  R&Q Insurance’s financial difficulties have led to the company’s decision last week to file for provisional liquidation in Bermuda.   The company has been grappling with adverse loss development in its legacy acquisition business unexpected costs arising from the Accredited sale and unsuccessful external legacy transactions Teneo (Bermuda) executives Michael Morrison Mark Allitt and Charles Thresh were appointed by the Supreme Court of Bermuda as joint provisional liquidators over R&Q Insurance Give your business an edge with our leading industry insights View all newsletters from across the GlobalData Media network Greek-US shipbuilding group Onex Shipyards and Technologies has entered into an agreement with MAN Energy Solutions for the supply of main propulsion engines to support its tug newbuilding initiative Onex operates two of Greece’s largest shipyards: one in Elefsina Onex signed a deal with Canada’s Robert Allan Ltd securing the rights to construct tugs based on Robert Allan’s RAstar 2800 design Under the new agreement with MAN Energy Solutions Each set will include two MAN 16V175D-MM engines capable of delivering 2,560 kW at 1,800 rpm The company plans to build up to 40 tugs over the next five years valuing the production line at approximately €380M (US$391M) “Tugs built by Onex will provide key solutions for upgrading Greece’s ports and enhancing the infrastructure services offered to both domestic and international clients,” said Onex Shipyards and Technologies president and chief executive Panos Xenokostas MAN Energy Solutions Greece managing director Dionissis Christodoulopoulos remarked MAN has recognised Onex’s growing potential not only in repair work but also in the shipbuilding activities of Greek shipyards.” along with prominent Greek shipowner George Prokopiou – who took ownership of the Skaramangas Shipyard – has been at the forefront of revitalising Greece’s shipbuilding sector Both yards have re-entered the market with a focus primarily on repair services Mr Xenokostas highlighted Elefsis Shipyard’s accomplishments noting it has serviced approximately 125 vessels in the 18 months since restarting operations The Elefsis facility is also targeting newbuild vessels floating generators for offshore windfarms and performing construction and maintenance work for the Hellenic Navy Onex has signed a co-operation agreement with Greece’s largest ferry operator to support the ’green’ upgrade of its fleet Riviera’s TUGTECHNOLOGY ‘25 will be held in Antwerp, 22-23 May 2025. Click here for more information on this industry-leading event Program management business Accredited is now owned by Onex Partners Accredited, which collaborates with managing general agents on over 70 programs, was sold by R&Q Insurance Holdings for $420 million It will operate as an independent program management firm writing more than $2.1 billion in gross premium and serving Europe The program manager’s previous owner is currently in provisional liquidation and Charles Thresh of Teneo (Bermuda) Limited were appointed last week as joint provisional liquidators of R&Q The provisional liquidation in Bermuda was part of the alternative structure that allowed the Accredited transaction to move forward stated when the deal completion was announced: “As an independent platform “Our strategy remains unchanged; we will focus on supporting the growth of our MGA partners and delivering high-quality diversified business to our reinsurance partners.” Read more: R&Q sells subsidiary to Marco Capital noted: “Accredited has established itself as a leading program manager with a differentiated transatlantic footprint “We look forward to partnering with Accredited’s management and employees to strengthen and grow the business. As an independent company, Accredited will be well-positioned for responsible growth with a strong balance sheet and backing from Onex Partners.” a super-large office located in downtown Seoul announced on the 28th that it had received a notification from the Jung-gu Office on the 25th for the project implementation plan for the urban renovation redevelopment project in the check area at 237 Ipjeong-dong OneX will begin construction in earnest and speed up its development with the aim of completing it in the first half of 2029 the fastest prime office in the downtown area of Euljiro Lee Do will be the developer of the project and Daewoo Engineering & Construction will be in charge of the construction Under the concept of "CLASS-X," which goes beyond the existing prime office rating OneX plans to provide specialized spaces and differentiated services such as "Light Room," a multi-purpose space that allows large-scale corporate product launches and events The total floor area of OneX is about 52,000 pyeong (172,100㎡) and will be constructed with 7 floors underground and 33 floors above the ground a world-renowned architect who designed the World Trade Center in New York and the Bakara Residence in Dubai OneX is directly connected to Euljiro 3-ga Station and has a super-station area with views of Cheonggyecheon Stream "OneX will establish itself as a landmark that meets global standards by presenting new standards in the work space and user convenience of prime offices," adding "We expect it to bring positive changes to the skyline in downtown Seoul." The industry expects interest in Euljiro area where new offices such as OneX will be built Although the supply of CBD offices may temporarily increase after the completion of OneX in 2029 most of the existing office buildings in Jongno-si City Hall are old buildings completed in the 1990s and are becoming less attractive it is expected that demand for top-class offices just like the apartment market that prefers a smart house ※ This service is provided by machine translation tool TSX futures fall after fresh Trump tariffs; Fed meet in focus TSX Closer: The Market Rises for a Fourth Day But Rosenberg Research Sees Index "At Risk of Further Weakness" Monday - Friday 9am-12pm / 2pm-6pm GMT + 1 All financial news and data tailored to specific country editions In August 2024, the Federal Court delivered its judgment on Onex Corporation v. Canada, 2024 FC 1247 setting aside the decision of the Canada Revenue Agency which refused the taxpayer's request for relief under subsections 220(2.1) and 220(3) of the Income Tax Act and remitting the matter back to the CRA for reconsideration This case affirms the remedial nature of subsections 220(2.1) and 220(3) of the ITA Onex put in place a complex structure to receive tax-free dividends from a foreign affiliate the Parliament enacted the Economic Action Plan 2014 Act (Bill C-43) that amended the foreign accrual property income ("FAPI") regime with respect to certain business structures such as the one set up by Onex Bill C-43 applies to taxation years after July 2013 unless a taxpayer elects to have the bill taking effect over its tax returns from January 1 Onex believed that its business structure already allowed it to achieve the purpose under the amended FAPI regime in Bill C-43 an election under Bill C-43 would be redundant the CRA reassessed Onex's 2012 and 2013 taxation years resulting in an additional $200 million in taxable income It was not contested that had Onex filed an election under Bill C-43 Onex requested the CRA to waive Onex's filing of the election under subsection 220(2.1) Onex then requested the CRA to extend the time for Onex to file the election under subsection 220(3) Subsections 220(2.1) and 220(3) of the ITA Have a Remedial Nature Subsection 220(2.1) of the ITA gives the CRA the discretion to waive the requirement in the ITA to file a prescribed form receipt or document or to provide prescribed information Subsection 220(3) gives the CRA the discretion to extend the time to submit a return under the ITA The FC held that the CRA failed to consider the remedial nature of these two subsections The FC looked into the legislative intent of section 220 of the ITA Section 220 was adopted by the Parliament as part of a "Fairness Package" to make the tax system simpler The Federal Court Appeal ("FCA") in another case has suggested that the "Fairness Package" has the effect of blunting the harsh consequences of some provisions of the ITA argued that the subsection allows the CRA to waive the filing requirement provided in the ITA, whereas the election in dispute was not in the ITA drawing from subsection 42(3) of the Interpretation Act which provides that an amending enactment "shall be construed as part of the enactment that it amends." Therefore the filing requirement under Bill C-43 must be construed as part of the ITA the CRA argued that the subsection allows the CRA to extend the time to file a return whereas the election under Bill C-43 was not a return and not tied to filing of a return holding that while the provision on filing the election is not textually tied to the filing of a return in practice and in fact the election directly impacts the return and thus is part of the return Section 12 of the Interpretation Act Requires a Remedial Interpretation The FC also considered the relevance of section 12 of the Interpretation Act, where it requires that "every enactment is deemed remedial large and liberal construction and interpretation as best ensures the attainment of its objects." The FC held that the principle of statutory interpretation requires the preference for a remedial interpretation The narrow interpretation by the CRA where there was no precedent to support such a strict application of subsections 220(2.1) and 220(3) of the ITA contradicts section 12 of the Interpretation Act Application of Subsections 220(2.1) and 220(3) is of the CRA's Discretion but the CRA Ought to Consider the Circumstances Despite the holding that subsections 220(2.1) and 220(3) apply to the filing of an election under Bill C-43 the CRA argued that it has the discretion in the application of the subsections filing an election under Bill C-43 is not an undue burden and Onex had to accept the consequence of their own failure to file the election Even though the FC agreed with the CRA that filing the election does not constitute an undue burden the CRA ought to consider the circumstances of the taxpayer's action Onex always had the intention to access to the same result as obtained under Bill C-43 and already arranged its business structures for that objective It then acted quickly to remedy the consequences had Onex filed an election under Bill C-43 The CRA's refusal to consider the specific circumstance and insistence on a harsh punishment for Onex were not reasonable the decision by the CRA to deny Onex's requests must be set aside and the matters shall be remitted for reconsideration JD is the founding tax lawyer of Taxpage.com and Rotfleisch & Samulovitch P.C. a Toronto-based boutique tax law corporate law firm and is a Certified Specialist in Taxation Law who has completed the CICA in-depth tax planning course radio and TV and blogs extensively.   Author photo courtesy Rotfleisch & Samulovitch P.C Title image: iStock (Supreme Court of Canada) Provide your email address to receive a weekly list of all content posted in the past seven days Follow Canadian Accountant on our social media channels Sports and live entertainment company AEG and alternative asset manager Onex have completed the sale of their ASM Global joint venture to live events company Legends First announced in November 2023, the merger creates what Legends describes as “the world’s preeminent premium live events company dedicated to providing fans with outstanding experiences globally.” Financial terms of the acquisition were not disclosed ASM Global will continue to operate under its name ASM Global was formed from the merger of AEG unit AEG Facilities and Onex-owned SMG in 2019 convention centers and performing arts centers “This milestone will allow us to focus on the continued growth of AEG’s core businesses and our live entertainment and ticketing business.” Shortly after it was formed, ASM purchased a 25% stake in Australia-based venue operator VenuesLive VenuesLive operates the 83,500-seat ANZ Stadium and 30,000-seat Bankwest Stadium in Sydney as well as the 60,000-seat Optus Stadium in Perth President and Chief Executive Officer of AEG said: “This transaction is the culmination of our vision to drive ASM’s growth and unlock substantial business value in the company The combined entity will offer a suite of services The service will cater to clients across various industries “The next era of Legends starts now,” Legends CEO Dan Levy said we have developed an unmatched solution to deliver a superior fan experience and help our partners grow We are proud to add ASM Global to deliver even better experiences and value for our global partners setting the standard in sports and entertainment.” “One of our ASM Global mantras for a number of years has been ‘the future is now.’ By joining Legends The opportunities created by our companies’ collective capabilities will elevate not only the success of our partners Legends has grown through organic expansion and strategic acquisitions Legends said its global reach now extends to Africa Sixth Street, a global investment firm, remains the majority investor in Legends, partnering with YGE Holdings Stay on top of the real stories shaping the music industry: Join over 60,000 industry professionals who rely on MBW's FREE daily newsletter and alert emails for essential insights and breaking news Company NewsPrivate equity firm Onex reports Q4 loss compared with profit a year earlierBy The Canadian PressPublished: February 21, 2025 at 9:18AM EST TORONTO — Onex Corp. reported a loss in its fourth quarter compared with a profit a year earlier. The private equity firm, which keeps its books in U.S. dollars, says its net loss amounted to US$2 million or two cents US per diluted share for the quarter ended Dec. 31. The result compared with a profit of US$373 million or US$4.81 per diluted share in the last three months of 2023. Total segment net earnings amounted to US$47 million or 62 cents US per diluted share for the quarter, down from US$372 million or US$4.80 per diluted share a year earlier. Distributable earnings for the quarter amounted to US$231 million for the fourth quarter, up from US$139 million a year earlier. In total, Onex says it has about US$51.1 billion in assets under management, of which $8.3 billion is its own investing capital. This report by The Canadian Press was first published Feb. 21, 2025. Twitter feed ©2025 BellMedia All Rights Reserved 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) today announces that one of its wholly owned subsidiaries has completed a transaction to reinsure legacy business written by Accredited Surety and Casualty Company and Accredited Insurance (Europe) Limited (together Enstar has provided reinsurance in connection with the acquisition of Accredited by Onex Partners The reinsurance addresses Accredited’s assumed and underwritten legacy deals and other exposures in both the US and the UK/European markets The reinsurance provides cover for net reserves of approximately $234 million with all administrative duties and claims handling transferring to Enstar in which Guy Carpenter acted as the broker followed the closing of the broader acquisition of Accredited by Onex Partners and receipt of regulatory approvals and satisfaction of other closing conditions said: “This partnership with Onex is a strong example of how Enstar can step in to facilitate broader M&A transactions in support of our partner’s long-term strategic goals The legacy arrangement will enable Accredited to continue to focus on serving its programme management business with a strong capital base.” This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 These statements include statements regarding the intent belief or current expectations of Enstar and its management team Investors can identify these statements by the fact that they do not relate strictly to historical or current facts ‘target’ and other words and terms of similar meaning in connection with any discussion of future events or performance Investors are cautioned that any such forward-looking statements speak only as of the date they are made are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended December 31 2023 and are incorporated herein by reference Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events circumstances or assumptions underlying such statements Contact: Enstar CommunicationsTelephone: +1 (441) 292-3645 PE Funds, Ontario, Asset Management Firms ONEX Corporation (TSX: ONEX) has reported its Q4 2024 and full year 2024 financial results (all dollar amounts in ONEX’ reporting currency ONEX reported $2 million loss in net earnings in Q4 and $303 million for FY2024 comparing to $529 million for FY 2023 ONEX generates value for shareholders through two segments: Investing and Asset Management ONEX Investing segment includes gains on its invested capital ONEX Asset Management segment generates revenues from the recurring fees clients pay ONEX to manage their capital and includes carried interest from ONEX private equity and private credit funds The decrease in ONEX overall earnings was primarily driven by drop in Investing segment earnings which were down to $344 million in 2024 from $815 million in 2023 ONEX has $51.1 billion in assets under management of which $35.2 billion is fee-generating and $8.3 billion is ONEX’ own investing capital ($113.70 or CDN $163.54 per fully diluted share) ONEX’ investing capital per fully diluted share returned 6% for the year ended December 31 investing capital per fully diluted share has had a compound annual return of 13% Specifically ONEX has $25.1 billion of private equity assets under management of which $11.6 billion is fee-generating and $5.7 billion is ONEX’ own investing capital ONEX raised $8.8 billion in fee-generating capital across its Private Equity and Credit platforms in fiscal 2024 ONEX Private Equity funds raised $1.5+ billion in FY2024 including $1.2 billion for The Onex Partners Opportunities Fund and affiliated vehicles and $0.3 billion for ONCAP V which is expected to hold final close in Q1 2025 2025 – Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31 is growing long-term shareholder value,” said Bobby Le Blanc we are investing in strategies and verticals that have the strongest potential for future risk-adjusted returns the PE teams raised over $1.5 billion in 2024 Our Structured Credit platform had another active quarter and an outstanding year having raised or extended more than $13 billion of fee-generating assets during 2024 while growing fee related earnings Shareholders continue to benefit from our strong balance sheet and liquidity position and most recently through our substantial issuer bid.”   The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30 A 90-day on-line replay will be available shortly following the completion of the event Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings and cash and near-cash changes for the three and 12 months ended December 31 The financial statements prepared in accordance with IFRS Accounting Standards including Management’s Discussion and Analysis of the results and are also available on SEDAR+ at www.sedarplus.ca A supplemental information package with additional information is available on Onex’ website Onex has approximately $51.1 billion in assets under management of which $8.3 billion is Onex’ own investing capital Onex is listed on the Toronto Stock Exchange under the symbol ONEX Onex’ security filings can also be accessed at www.sedarplus.ca statements concerning possible or assumed future operations followed by or that include words such as “believes” which would constitute forward-looking statements Forward-looking statements are not guarantees The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations performance or results to be materially different from those indicated in these forward-looking statements Except as may be required by Canadian securities law Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information These cautionary statements expressly qualify all forward-looking statements in this press release This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies Onex management believes these financial measures provide useful information to investors Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical Editor of Private Capital Journal and former editor of Canadian Private Equity This article was published more than 6 months ago Asset manager Onex Corp. ONEX-T built on its history of investments in the aerospace industry on Thursday by acquiring aircraft logistics company Farsound Aviation Ltd partnered with Farsound executives in the deal They’ve acquired a British business that specializes in supplying parts for engine maintenance and repairs to airlines and aircraft owners around the world The company supports a range of engine makers Onex and Farsound did not release financial terms of the deal Onex made the investment from its Opportunities Fund which has raised US$820-million and plans to make four or five investments which translates into a commitment of between US$160-million to US$200-million in equity to each business it buys Onex is the third private equity fund to own Farsound The founding family sold the company to British venture capital fund manager Rubicon Partners in 2011 Hong Kong-based fund manager AGIC Capital bought Farsound for an enterprise value – equity plus debt – of £115-million including building ties to airlines based in China “We are excited to partner with Onex for Farsound’s next phase of growth,” Farsound chief executive officer Chris Knott said in a press release “We have been impressed by both Onex’s experience and track record of helping businesses realize their growth ambitions.” Financier Gerry Schwartz founded Onex in 1984 – he is now the company’s chairman – and pioneered leveraged buyouts of industrial companies That approach has become commonplace in the US$4-trillion global private equity industry Onex used its capital and money from clients such as insurers and pension plans to buy the equity in businesses and leveraged the investments with significant amounts of debt supplied by banks and bond funds acquired in 2019 in a transaction with a $5-billion enterprise value Onex’s aerospace holdings include successful investments in parts maker Spirit AeroSystems Holdings Onex also made one money-losing aerospace deal teaming up with the private equity arm of Goldman Sachs Group Inc to buy private plane maker Hawker Beechcraft Inc. Onex has now made two investments with its Opportunity Fund the fund manager acquired German manufacturer Fischbach KG the world’s largest suppliers of tubes used to package sealants and glues used in building construction and renovation Onex and Fischbach did not release the financial terms of the buyout Onex’s advisers on the Farsound acquisition were investment banks Barclays PLC and Solomon Partners as financial advisers and Latham & Watkins LLP as legal counsel Onex has US$49-billion in assets under management including US$8.5-billion of the company’s capital Report an editorial error Report a technical issue Editorial code of conduct Study and track financial data on any traded entity: click to open the full quote page Authors and topics you follow will be added to your personal news feed in Following Andrew Willis is a business columnist for the Report on Business Working in business communications and journalism for three decades from 2010 to 2016 he was senior vice-president of communications for Brookfield Asset Management a leading global alternative asset management company Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter Welcome to The Globe and Mail’s comment community This is a space where subscribers can engage with each other and Globe staff We aim to create a safe and valuable space for discussion and debate If you do not see your comment posted immediately it is being reviewed by the moderation team and may appear shortly We aim to have all comments reviewed in a timely manner Comments that violate our community guidelines will not be posted UPDATED: Read our community guidelines here We have closed comments on this story for legal reasons or for abuse. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions TORONTO — Onex Corp. says it has signed a deal to buy Farsound Aviation Ltd., a British company specialized in supplying aircraft parts for engine maintenance and repairs. Financial terms of the agreement by the Onex Partners Opportunities Fund, which partnered with Farsound's management team on the deal, were not disclosed. The fund is buying the company from private equity firm AGIC Capital, which acquired a majority stake in Farsound in July 2019. Farsound operates out of four facilities in the United Kingdom, U.S., Canada and Spain. Farsound chief executive Chris Knott says the company is excited to partner with Onex for its next phase of growth. The deal is expected to close later this year, subject to customary closing conditions and regulatory approvals. This report by The Canadian Press was first published Aug. 29, 2024. When WestJet began transforming from simple to complex roughly a decade ago — first by creating Vancouver and Toronto hubs to complement its Calgary base and later by creating ULCC subsidiary Swoop — I figured management had made a mistake WestJet had thrived for so long by copying Southwest: How could management mess with that secret sauce including assumed debt (today about $3.5 billion U.S.) WestJet made many mistakes in its attempted metamorphosis But we're now seeing in the United States what happens when a LCC refuses to change with the times believing it must protect its history or its culture What worked two decades ago — like a single-cabin LCC that only flies within North America — isn’t guaranteed to work forever especially in a world where people seek premium experiences and international travel It turns out that the 2015-19 transformation may have rehabilitated the airline including the now-closed Vancouver and Toronto connecting hubs and the bigger-than-needed orders for Dreamliners and Q400s But the rapid growth gave Onex the building blocks to turn WestJet into an airline that could meet post-Covid trends and all the other things that airlines need to make big profits in 2024 In an interview earlier this month at the IATA Annual General Meeting, WestJet CEO Alexis von Hoensbroech1 told me how he and his very hands-on board (it has four current or former airline CEOs including Air France-KLM’s Ben Smith) decided which of WestJet’s assets to keep and which to jettison we sat down and thought about: what should be our strategy going forward?" von Hoensbroech told me Because we were starting to become everything to everyone A good strategy is more about what you don't do than what you do." Read on to learn about some of the decisions they made about the fleet When WestJet began transforming from simple to complex roughly a decade ago \u2014 first by creating Vancouver and Toronto hubs to complement its Calgary base and later by creating ULCC subsidiary Swoop \u2014 I figured management had made a mistake or crap like that. What worked two decades ago \u2014 like a single-cabin LCC that only flies within North America \u2014 isn\u2019t guaranteed to work forever In an interview earlier this month at the IATA Annual General Meeting, WestJet CEO Alexis von Hoensbroech1 told me how he and his very hands-on board (it has four current or former airline CEOs including Air France-KLM\u2019s Ben Smith) decided which of WestJet\u2019s assets to keep and which to jettison we sat down and thought about: what should be our strategy going forward?\\\" von Hoensbroech told me A good strategy is more about what you don't do than what you do.\\\" And yes: there\u2019s a tease about an IPO Copyright © DELINIAN (GLOBALCAPITAL) LIMITED and its affiliated companies 2025 The content you are trying to view is exclusive to our subscribers You have reached the limit for gifting for this month Private Equity Deals, Ontario, Quebec, Financial, United States has acquired a majority stake in PWL Capital Inc. a national leading independent wealth management firm headquartered in Montreal The investment signifies OneDigital’s first international expansion, leveraging an established leadership team and platform to deliver a client- and planning-first fiduciary structure to the Canadian market Formerly Parkyn Wermenlinger Layton Capital Inc. a registered Investment Dealer and Derivatives Dealer the firm manages approximately $5.5 billion in client assets and provides tailored wealth management and financial planning services to more than 2,300 client families across Canada PWL Capital will continue to be led by CEO Cameron Passmore and President Brenda Bartlett Georgia based OneDigital is a leading insurance financial services and HR consulting firm and maintains offices in most major markets across the United States Onex Corporation (TSX: ONEX) and Onex Partners V acquired a majority stake in OneDigital in a transaction valued at US $2.65 billion and OneDigital employees rolled a significant portion of their existing investments into the transaction Investment is the First of a Significant Deployment of Capital to Build a Client Centric Advisory Platform PWL Capital is one of Canada’s largest evidence-based “PWL brings an exceptional team with deep expertise in wealth management making them the perfect partner as we expand our footprint internationally we’re poised to bring more systematic client-first financial solutions to Canadians marking the beginning of an exciting new chapter for OneDigital’s growth and our ability to serve clients on a global scale.” and one philosophy working together to transform the financial advisory experience for Canadians The beauty of a unified team ensures that every client benefits from a cohesive And Canada so desperately needs and deserves this That’s why we’re thrilled to partner with OneDigital.” will continue delivering their trusted services to clients across industries The investment in PWL’s enterprise platform marks a significant milestone in OneDigital’s 25-year history and reflects its commitment to fiercely advocate for its individual and business clients This investment establishes a foundation for OneDigital’s long-term expansion into Canada with plans to actively invest in additional opportunities across employee benefits and workplace consulting solutions and to partner with like-minded organizations in 2025 and beyond OneDigital’s team of fierce advocates helps businesses and individuals achieve their aspirations of health financial services and HR platform provides personalized tech-enabled solutions for a contemporary work-life experience OneDigital’s teams enable employers and individuals to do their best work and live their best lives More than 100,000 employers and millions of individuals rely on our teams for counsel and access to fully integrated worksite products and services and the retirement and wealth management advice provided through OneDigital Investment Advisors Founded in 2000 and headquartered in Atlanta OneDigital maintains offices in most major markets across the nation OneDigital® is a registered trademark of Digital Insurance LLC (“OneDigital”) and is the marketing name used by Digital Insurance LLC and its affiliates to market their products and services Each company has financial responsibility for only its own products and services Investment advisory services offered exclusively through OneDigital Investment Advisors LLC in the United States PWL is an independent boutique retirement and wealth firm that offers holistic full-service wealth management expertise to Canadians PWL has offered wealth management services retirement and estate strategies) with offices in Ottawa Portfolio Management and brokerage services are offered by PWL Capital Inc. which is regulated by Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF) Financial planning and insurance products are offered by PWL Advisors Inc. and is regulated in Ontario by Financial Services Regulatory Authority of Ontario (FSRA) and in Quebec by the Autorité des marchés financiers (AMF) *Chief Executive Officer title is subject to any regulatory approval   Media Contact: Chelsea McKenna, Chelsea.mckenna@onedigital.com Canada's leading news sources and intelligence on private capital and public financings Onex Corporation, the Toronto-based asset manager, has expanded its aerospace portfolio by acquiring Farsound Aviation, an aircraft logistics company. The acquisition marks another investment in the aerospace industry by Onex, which also owns WestJet Airlines If the Onex acquisition of Farsound Aviation results in you losing your job in Canada then Farsound Aviation must provide you with full severance pay the “seller” of the business is responsible for providing proper compensation to staff who lose their job WATCH: Employment lawyer Lior Samfiru explains the rights workers have when their employer sells the business on an episode of the Employment Law Show If Onex provides you with an employment offer and you have a good reason for why you don’t want to accept it (i.e you might be able to get full severance pay from Farsound Aviation Even without a good reason you can still get severance but it’s very likely that you will only receive your minimum entitlements Severance for non-unionized employees in Canada can be as much as 24 months’ pay This includes individuals working full-time, part-time, or hourly in B.C., Alberta, and Ontario. The amount of compensation you are entitled to is calculated using several factors To figure out how much you could be owed, use our firm’s free Severance Pay Calculator It has helped millions of Canadians determine their severance entitlements If your company doesn’t provide you with the correct amount, you have been wrongfully dismissed and should seek legal counsel immediately Samfiru Tumarkin LLP regularly resolves wrongful dismissal claims and can help you secure proper severance Use our free interactive tool to get fast answers Get Answers Now non-unionized employees don’t have to accept substantial changes to their job that Onex might try to enforce When significant adjustments are made to the terms of your employment without your consent, there is a very good chance that you can treat it as a constructive dismissal. In this situation, the law allows you to quit your job and pursue full severance pay If you believe that you have been constructively dismissed don’t resign before contacting our firm If you work for Farsound Aviation and you receive a new employment contract take the time to carefully review it before signing it these agreements take away key protections that would otherwise be available to non-unionized employees Employers in Canada can’t legally force non-unionized workers to sign a new employment contract immediately or a few days after receiving it Before accepting a new employment contract, have the experienced employment law team at Samfiru Tumarkin LLP review the agreement to make sure your workplace rights are protected Our lawyers in B.C., Alberta, and Ontario have successfully represented tens of thousands of non-unionized individuals We can help you better understand the terms of the contract and advise you on how best to navigate the situation and Ontario are ready to provide you with the advice you need and the compensation you deserve Get Help Now Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group Known for his advocacy and success representing both employees and employers Lior exclusively serves clients in Ontario where his extensive experience has made him one of Canada’s most sought-after employment lawyers expected to close in the third quarter of 2025 The bombshell update comes just weeks after the agency eliminated approximately 450 roles at the end of March Samfiru Tumarkin LLP breaks down job abandonment in Alberta We are one of Canada's most experienced and trusted employment Take advantage of our years of experience and success in the courtroom and at the negotiating table Get help now Subscribe for relevant news alerts regarding employment and disability law