ONEX
A Canadian investment management firm that operates private-equity and credit investment platforms.
Last updated August 31, 2026
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Overview
Onex Corporation is a Canadian investment management firm founded by Gerry Schwartz in 1984 and headquartered in Toronto. The company became publicly listed in 1987 and has built its business around investing capital through private-equity funds and credit platforms rather than selling consumer products under a conventional branded-goods model. Its activities have included investments connected with industrial manufacturing, engineering, entertainment and venue management, wealth management, and aviation. The firm’s principal investment identity is associated with Onex Partners and Onex Credit. Through these platforms, Onex has participated in transactions involving companies in North America and Europe, generally taking an ownership or investment position and seeking to create value through portfolio-company development, operational changes, acquisitions, or eventual exits. Its investment record includes the 2007 acquisition of Allison Transmission alongside Carlyle Group, the 2010 acquisition of English engineering company Tomkins with the Canada Pension Plan, and the later ownership of SMG, a venue-management business that was combined with AEG Facilities in 2019 to create ASM Global. Onex also expanded beyond its traditional private-equity activities through the 2019 acquisition of Gluskin Sheff, a Toronto-based wealth-management firm. In December of the same year, it agreed to acquire WestJet, Canada’s second-largest airline, in a transaction valued at approximately C$5.0 billion. The airline investment exposed Onex to the severe disruption caused by the COVID-19 pandemic. In May 2020, the company attributed a first-quarter net loss of US$1.1 billion to the effects of the pandemic, reflecting the market and portfolio pressures associated with that period. Leadership has historically been closely associated with Schwartz, who founded Onex and led it for decades. In May 2022, he stepped down as chief executive officer and was succeeded by Bobby Le Blanc. The transition marked a change in day-to-day leadership while preserving the firm’s identity as a publicly traded alternative-asset and investment-management company. In November 2022, Onex was reported to have approximately C$47 billion in assets under management. Its business scope therefore extends beyond a single fund or sector: the firm presents itself as an investment manager with exposure to private equity and credit, while its portfolio history demonstrates activity across transportation, industrials, engineering, entertainment facilities, financial services, and other fields. Because Onex’s underlying investments can change through acquisitions, restructurings, and divestitures, the company is best understood as an investment platform and corporate brand rather than as an operating brand with a fixed range of end-consumer products.
History
Gerry Schwartz founded Onex in 1984 in Canada, establishing the firm as an investment business rather than a consumer-facing operating company. Its early development centered on private-equity investing and the use of a public corporate structure to support an expanding investment platform. Onex took the company public in 1987, giving the firm a listed-market identity while it continued to pursue private investments and portfolio-company transactions. Over time, Onex developed a broad investment footprint across industrial, engineering, transportation, financial-services, and entertainment-related businesses. In June 2007, General Motors sold Allison Transmission to a consortium consisting of Carlyle Group and Onex. The transaction placed Onex alongside another major private-equity investor in the acquisition of the transmission manufacturer and illustrated the firm’s participation in large corporate carve-outs. In 2010, Onex and the Canada Pension Plan acquired the English engineering company Tomkins. Onex held a minority position of 14% in the transaction, demonstrating that its investment activity could include significant participation without total ownership or operational control. The firm’s portfolio later included SMG, a company involved in venue management. Onex acquired SMG at the end of 2017, and in 2019 SMG was sold and combined with AEG Facilities to form ASM Global. Onex also expanded its financial-services activities in 2019 by acquiring Gluskin Sheff, a Toronto-based wealth-management firm. That year brought another major transaction when Onex purchased WestJet, Canada’s second-largest airline, for approximately C$5.0 billion. The airline investment became particularly exposed to the disruption generated by the COVID-19 pandemic. In May 2020, Onex attributed a US$1.1 billion first-quarter net loss to the pandemic’s impact. A major leadership transition occurred in May 2022, when Gerry Schwartz stepped down as chief executive officer. Bobby Le Blanc succeeded him as CEO, while Schwartz’s departure from the role marked the end of a long founding-era leadership period. By November 2022, Onex was reported to have approximately C$47 billion under management. Its historical development consequently shows an evolution from a Canadian-founded private-equity company into a diversified, publicly traded investment-management platform with private-equity and credit capabilities and investments spanning multiple industries.
- 2022
CEO succession
[1]Founder Gerry Schwartz stepped down as CEO and Bobby Le Blanc became chief executive officer.
- 2019
Gluskin Sheff acquisition
[1]Onex acquired Toronto-based wealth-management firm Gluskin Sheff.
- 2019
WestJet acquisition
[1]Onex purchased WestJet in a transaction valued at approximately C$5.0 billion.
- 2019
SMG becomes part of ASM Global
[1]SMG was sold and combined with AEG Facilities to form ASM Global.
- 2017
SMG acquisition
[1]Onex acquired venue-management company SMG toward the end of 2017.
- 2010
Tomkins acquisition
[1]Onex and the Canada Pension Plan acquired English engineering company Tomkins; Onex held 14% of the shares.
- 2007
Acquisition of Allison Transmission
[1]Onex joined Carlyle Group in acquiring Allison Transmission from General Motors.
- 1987
Onex becomes publicly listed
[1]The company took Onex public, adding a listed-company structure to its investment business.
- 1984
Onex is founded
[1]Gerry Schwartz founded Onex in Canada as an investment company.
Products and positioning
Institutional investment management focused on private equity, credit, and alternative assets.
Private equity
Onex Partners
Onex Partners is a private-equity investment platform associated with Onex. It represents the firm’s principal private-equity offering and is used to invest in portfolio companies across multiple industries and geographic markets. The platform is part of Onex’s broader strategy of building and managing investments rather than marketing a fixed range of consumer products.
Credit investment
Onex Credit
Onex Credit is the firm’s credit-investment platform. It complements Onex’s private-equity business by providing access to credit-oriented investment activities and broadens the company’s alternative-asset management capabilities beyond direct corporate ownership.
Investment management
Alternative-asset management
Onex’s broader offering is the management of alternative investments, including private equity and credit. The firm has used this platform to participate in transactions involving industrial, engineering, transportation, wealth-management, and venue-management businesses across Canada, the United States, and Europe.
Brand decisions
2022
Change chief executive officerOtherBackground
After decades as the company’s founder and chief executive, Gerry Schwartz stepped down from the CEO role.
Action taken
Onex appointed Bobby Le Blanc as chief executive officer in May 2022.
Aftermath
The transition shifted day-to-day leadership to a new CEO while Onex continued operating as a publicly traded investment-management firm.
2019
Acquire Gluskin SheffM&ABackground
Onex sought to broaden its financial-services and investment-management activities.
Action taken
Onex purchased Toronto-based wealth-management company Gluskin Sheff.
Aftermath
The acquisition added a wealth-management business to Onex’s private-equity and credit-oriented platform.
2019
Acquire WestJetM&ABackground
Onex pursued ownership of WestJet, Canada’s second-largest airline, as part of its investment strategy.
Action taken
Onex purchased WestJet in a transaction valued at approximately C$5.0 billion.
Aftermath
The investment was subsequently exposed to the severe disruption caused by the COVID-19 pandemic.
Transaction value. C$5.0 billion (December 2019 transaction)
2017
Acquire SMGM&ABackground
Onex expanded its portfolio into venue management and related entertainment infrastructure.
Action taken
The company acquired SMG toward the end of 2017.
Aftermath
SMG was later sold and combined with AEG Facilities in 2019 to create ASM Global.
2010
Participate in the acquisition of TomkinsM&ABackground
Onex and the Canada Pension Plan pursued the acquisition of English engineering company Tomkins.
Action taken
The two investors acquired Tomkins, with Onex holding 14% of the shares.
Aftermath
The transaction demonstrated Onex’s willingness to participate as a minority investor in a major cross-border acquisition.
2007
Join the acquisition of Allison TransmissionM&ABackground
General Motors decided to sell Allison Transmission, creating an opportunity for a consortium of financial investors.
Action taken
Onex partnered with Carlyle Group to acquire Allison Transmission.
Aftermath
The transaction expanded Onex’s participation in large industrial corporate acquisitions.
Recent events
- 2022
Gerry Schwartz steps down as chief executive officer[1]
Leadership change
Founder Gerry Schwartz left the chief executive role and was succeeded by Bobby Le Blanc.
- 2020
Onex reports a pandemic-related first-quarter loss[1]
Other
Onex attributed a first-quarter net loss of US$1.1 billion to the economic and portfolio effects of the COVID-19 pandemic.
- 2019
Onex takes WestJet private in a transaction valued at approximately C$5.0 billion[1]
M&A
Onex purchased Canada’s second-largest airline, WestJet, in a transaction reported at approximately C$5.0 billion.
- 2019
Onex acquires Gluskin Sheff[1]
M&A
Onex acquired Gluskin Sheff, a Toronto-based wealth-management firm, broadening its activities beyond its core private-equity operations.
Sources3 sources
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