Onex sells long-standing portfolio company Cypress Insurance for $63 mln
Canadian private equity firm Onex Corp has sold Cypress Insurance Group Inc, a U.S.-based provider of auto insurance, homeowners and business insurance and an Onex portfolio company since 1998. Cypress was sold to an unidentified group of private investors for US$63 million, of which US$43 million went to Onex. Including prior distributions, Onex has received aggregate proceeds of around US$116 million, resulting in a multiple of capital invested of 2.3x and a gross IRR of 17 percent. Onex this week acquired another insurance agency, York Risk Services Group Inc of Parsippany, New Jersey, for US$1.3 billion.
17 July 2014•2 mins read
