What is Onex Corporation?

Onex Corporation is one of the oldest and largest private-equity firms in Canada, founded in 1984 by Gerry Schwartz. Headquartered in Toronto, Onex manages about US$50 billion of assets in private equity, credit, and real estate, alongside about $7 billion of Onex's own balance-sheet capital. The company is publicly traded on the Toronto Stock Exchange.

Onex's portfolio includes well-known Canadian companies and global businesses. WestJet Airlines was acquired in 2019 for $5 billion and remains a flagship Onex investment. Celestica, the Toronto-based electronics manufacturing services company spun off from IBM in 1996, was part of Onex through the 2000s and remains a Canadian listed company. Other Canadian holdings have included Cineplex Inc. (sold 2011), Imperial Parking, and Resco Holdings. Major U.S. and European holdings have included Spirit AeroSystems, Husky Injection Molding, Allison Transmission, and Save-A-Lot supermarkets.

Onex Credit, founded in 2014, manages about US$25 billion in credit funds across senior secured loans, opportunistic credit, and structured credit strategies. Falcon Investment Advisors, acquired in 2020, expanded the credit business. The Onex Real Estate Partners platform invests in commercial and residential real estate.

Schwartz remains executive chairman, with Bobby Le Blanc as CEO since 2024. Schwartz is one of Canada's wealthiest individuals and a major philanthropist through the Heather and Gerry Schwartz Foundation; he is married to Indigo Books and Music founder Heather Reisman. Onex has been an active acquirer of distressed and growth companies for four decades, often described as Canada's answer to Kohlberg Kravis Roberts (KKR) or Blackstone. The company's annual letter to shareholders is closely read in Canadian financial circles for its commentary on private-market trends.