Onex putting cash to work in slumping market

lost US$184-million in the most recent quarter as the slump in equity markets eroded the value of the asset manager’s stakes in public companies.

“Onex continues to deliver solid performance and execute on its strategic plan in the face of a challenging environment,” said Gerry Schwartz, Onex’s founder and chief executive in a press release. He said: “Onex is a strong and stable partner, especially in times of change and challenge, allowing us to create long-term value for our stakeholders.”

Onex’s portfolio includes WestJet Airlines Ltd., acquired in 2019, just ahead of the COVID-19 pandemic. Onex reports WestJet’s financial results as one of 10 businesses in its industrial portfolio. The value of the portfolio fell by 4 per cent to in the most recent quarter; year-to-date, the value of these 10 companies is up by 7 per cent.

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