Onex flies off with aircraft businesses

The firm’s $185m investment in two aircraft leasing companies brings Onex Partners III to more than 60% invested.

Onex Corporation has completed two aircraft investments worth a combined $185 million.

The firm acquired a 50 percent stake in jet aircraft leasing company BBAM and an 11 percent stake in NYSE-listed aircraft leasing business FLY alongside the company’s management. Onex made the investments from its $4.7 billion Onex Partners III fund, committing $47 million into the deals as a limited partner in the fund. The transactions bring Fund III to more than 60 percent invested.

Onex was unavailable for comment at press time.

The firm typically commits a significant amount of capital into its own funds, and first committed $800 million of its own capital to Fund III before increasing the amount to $1.2 billion.

Onex completed three private equity investments in 2012, acquiring US insurance brokerage services company USI for $2.3 billion, German machinery manufacturer KraussMaffei for €568 million and graphics services company SGS International for $813 million.

Toronto-based Onex manages private equity, real estate and credit securities investments, managing approximately C$14 billion (€10.8 billion, $13.7 billion) of which C$10 billion is third-party capital.