Canadian private equity firm Onex Corp. (OCX.TO) agreed Monday to acquire U.S.- based insurance brokerage USI for $2.3 billion. USI is ranked as one of the ten largest insurance brokers in the country. The deal, subject to customary conditions and regulatory approvals, is expected to close by the end of 2012.
"Our world-class brokers and investment in differentiating client solutions have allowed us to continually strengthen our market position by providing our clients with a level of value that is unparalleled in the middle-market. We look forward to our next phase of growth in partnership with Onex," USI CEO Mike Sicard said in a statement.
Briarcliff Manor, New York-based USI has about 100 offices across the U.S. and offers a diversified mix of property and casualty, employee benefits and retirement consulting.
Onex Partners III, Onex's $4.7 billion flagship private equity fund, will make an equity investment of about $700 million as Onex is a 25 percent Limited Partner in the Fund. USI's employees will also be co-investors in the deal.
Following the closure of the deal, Onex, Onex Partners III and employees of USI will own 100 percent of USI.
"USI has established a strong national insurance brokerage with a very impressive management team led by Mike Sicard. The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions," said Robert Le Blanc, an Onex Managing Director.
Toronto-based Onex manages about $14 billion in total assets, of which $9 billion is third-party capital. The company also invests its own proprietary capital of about $4..8 billion directly and as a substantial limited partner in its funds.
Most recently in September, Onex made two acquisitions. It first acquired Louisville, Kentucky-based SGS International, Inc. for $813 million. SGS is a vertically-integrated provider of graphics services to the consumer products packaging industry.
Onex then agreed to acquire Germany's KraussMaffei AG for 568 million euros, or about $730 million. Munich, Germany-based KraussMaffei manufacturers machinery and systems for processing of plastics and rubber.
OCX.TO closed Friday's regular trading session on the TSX at C$40.55, up $0.18 on a volume of 34,600 shares.
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