Onex buying insurance broker USI for $2.3 billion
BY Associated Press
Tuesday, November 27, 2012
11/27/12 at 4:12 AM
Canadian private equity firm Onex Corp. is buying insurance broker USI for $2.3 billion from a Goldman Sachs private equity fund.
USI Insurance Services, based in Briarcliff Manor, N.Y., offers property and casualty insurance, employee benefits and retirement consulting. Founded in 1994, it has about 100 offices in the U.S.
The GS Capital Partners fund took USI private in 2007 for $1.4 billion, including debt. USI employees invested in the deal and will now own the business with Toronto-based Onex.
Among Onex's holdings is a controlling stake in Spirit AeroSystems Inc.