Onex and its affiliated funds have agreed to make a majority investment worth $960m in US-based strategic advisory firm OneDigital.
The new equity investment of approximately $960 million will be made by the Onex Group, including Onex Partners V. Upon closing, the Onex Group and employees of OneDigital will own approximately 83% of the company.
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Upon closing, the Onex Group and OneDigital employees will hold 83% holdings in the company. The transaction is said to value OneDigital at $2.65bn.
As part of agreement, New Mountain Capital, which previously held the majority stake in OneDigital, as well as the OneDigital employees will pass a key portion of their current investments in the company into the transaction.
Onex managing director Todd Clegg said: “OneDigital has established a leading national insurance brokerage and a customer- and employee-centric culture which drives business performance.
“The company has a very impressive management team led by Adam Bruckman and is well positioned to grow both organically and by continuing its track record of successful acquisitions. We are thrilled to partner with Adam, the rest of the OneDigital team and New Mountain.”
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By GlobalDataOneDigital president and CEO Mr. Bruckman said: “Our world-class employees and investment in holistic health, wealth and HR solutions have allowed us to continually grow our market position by providing our clients with a level of value that is unparalleled in the market.”
Founded in 2000, OneDigital is headquartered in Atlanta, Georgia and has over 2,000 employees in over 100 offices across the US. It offers employee benefits insurance brokerage and retirement consulting services.
