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Acquisitions drive Onex' Q3 revenue higher

Last updated: 19:00 15 Nov 2013 GMT, First published: 20:00 15 Nov 2013 GMT

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Onex Corp. (TSE:OCX) saw double-digit top line growth in the third quarter on the strength of its acquisitions last year.

The Toronto-based private equity firm said earnings grew four-fold to US$399 million on revenue that rose 16% to US$7.1 billion in the three-month period ending Sept. 30.

Last year's deals included the acquisition of plastic and rubber processing equipment manufacturer KraussMaffei Group and the US$2.3 billion deal for insurance broker USI.

Subsequent to the quarter end, Onex Partners II sold its remaining stake in TMS International for US$410 million. 

Earlier this week, Onex and The Carlyle Group announced the sale of 15 million shares, resulting in proceeds to Onex Partners II of US$173 million, of which Onex' share is US$58 million.

This month, ONCAP II agreed to sell Caliber Collision, resulting in proceeds of US$170 million for Onex, the company said.

During the quarter, Onex launched the fundraising for Onex Partners IV with a US$4.5 billion fund size target. Onex said it will be the largest limited partner with a commitment of US$1.2 billion. The company said it expects to start drawing management fees for Onex Partners IV sometime in 2014.

From the beginning of the year until the end of October, Onex said it has repurchased 1.6 million shares at an average cost per share of $47.33.

Shares had risen 2.4% in late Friday trading. They have gained nearly 40% on the year.

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