TORONTO - Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and full year ended December 31, 2021.
'Onex had a good year. We made progress across all our businesses and delivered solid performance,' said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. 'For 2022, we're focused on continued strong execution and growing fee-generating assets under management. With the right culture, expertise and team in place, we're confident in our ability to successfully achieve the strategic plan we've laid out and continue driving long-term value for all our stakeholders.'
Highlights
Onex' investing capital per share(2) grew 5% in the fourth quarter and 24% in the year. The full year result reflects the firm's strongest year of growth in its history. As of December 31, 2021, Onex had approximately $8.2 billion of investing capital, or $90.75 (C$115.05) per fully diluted share.
Onex' private equity investments generated a gross return(3) of 5% in the quarter (2020 - 14%) and 32% in the year (2020 - 24%).
In 2021, Onex' private equity platforms deployed approximately $3.0 billion ($845 million from Onex) and received more than $3.3 billion ($1.3 billion for Onex) of realizations and distributions. Onex generated carried interest of $44 million in the fourth quarter and $248 million in the year, including $18 million from private credit strategies and the balance from private equity. In total, Onex has unrealized carried interest of $287 million and realized carried interest of $48 million in the year.
Onex ended the year with third-party fee-generating assets under management ('FGAUM') (4) of more than $33 billion, an 8% increase in the year. Run-rate management fees(4) from this capital are $273 million. - Onex Credit FGAUM, which includes private credit and public strategies, increased 12% in the year to $23 billion as of December 31, 2021. - Gluskin Sheff had net client inflows in the fourth quarter. In total, its fee-generating client capital(5) grew by 11% in the year.
Onex had approximately $1.6 billion of cash and near-cash(6) as of December 31, 2021 (2020 - $1.4 billion), including $547 million (2020 - $706 million) of cash and cash equivalents held by its consolidated subsidiaries.
Onex repurchased 3,521,526 Subordinate Voting Shares in 2021 for a total cost of $249 million (C$313 million), or at an average cost per share of $70.63 (C$88.85).
About Onex
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex' platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds and Gluskin Sheff's wealth management services. In total, Onex has approximately $49 billion of assets under management, of which approximately $8.2 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex' platforms. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.
Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as 'believes', 'expects', 'potential', 'anticipates', 'estimates', 'intends', 'plans' and words of similar connotation, 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, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.
Contact:
Jill Homenuk
Tel: +1 416.362.7711
ONEX CORPORATION 
