Onex earns 3.4x its money with sale of USI Insurance Services

Canadian private equity firm Onex Corp has closed its sale of USI Insurance Services for an enterprise value of US$4.3 billion, including debt. The sale, announced in March, saw the U.S. insurance brokerage and consulting business go to U.S. private equity firm KKR & Co and Canadian pension fund manager Caisse de dépôt et placement du Québec. Onex acquired USI in 2012 with an equity investment of US$610 million. The company's sale awarded the investor with proceeds of US$2.1 billion, including a 2015 distribution of US$181 million. Onex said this resulted in a gross multiple of invested capital of 3.4 times and a gross return of 34 percent.

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