Onex Purchasing GSCP-Backed Insurance Broker for $2.3B
November 27, 2012
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Onex has agreed to purchase insurance broker USI Insurance Services from GS Capital Partners for $2.3 billion. $700 million of equity financing will be provided through the Onex Partners III fund, and bank and bridge financing is being provided by Morgan Stanley, BofA Merrill Lynch, Citigroup, Goldman Sachs, RBC Capital Markets and UBS. USI has a mix of property and casualty, employee benefits and retirement consulting offerings. GS Capital Partners took the company private in 2007.
