Onex to open London office

The Toronto-based firm, which manages private equity and real estate, has hired managing director Tony Morgan from CPPIB to help identify opportunities in the European market.

Onex Corporation, which manages private equity, real estate and credit securities investments, will open an office in London, the firm’s third location outside of its Toronto headquarters and New York office.

Onex’s London office will be led by managing director Tony Morgan, who has joined from the Canada Pension Plan Investment Board where he was a vice president in the principal investing group and a member of the private investments investment committee. Prior to working at CPPIB, Morgan spent seven years in London at private equity firms Alchemy Partners and Permira.

“We see great opportunities in the European market for investors like Onex and are pleased to have Tony, a British national and experienced investor,” Onex chief executive officer Gerald Schwartz said in a statement.

Onex did not specify when the London office is expected to open and was unavailable for comment at press time. The expansion into Europe and addition of Morgan comes roughly two months after the announcement that Onex managing director Andrew Sheiner, who also oversaw ONCAP, would be leaving the firm effective 30 June.

Morgan previously worked with Onex in 2010 when the firm took UK engineering company Tomkins private alongside CPPIB for $4.7 billion – the largest buyout of the year. The firm’s most recent fund that collected $4.3 billion in 2009 has investments in four companies, all of which are headquartered in the US.

The firm's real estate arm, Onex Real Estate Partners, was formed in 2005. It has a five-person team led by Michael Dana located in New York.

Onex manages approximately C$14 billion (€10.8 billion, $13.7 billion) of which C$10 billion is third-party capital.