Onex Corp. has jettisoned a majority stake in a private credit firm it bought less than four years ago, the latest move by the Canadian asset manager to cut costs and simplify the business under a new chief executive officer.
Bobby Le Blanc, president of Onex Corp., in the financial district of Toronto, Ontario, Canada , on Tuesday, Aug. 17, 2021. --
It was an acquisition that didn’t work. “The synergies across the remainder of our platforms did not materialize to the extent that the Onex resources needed to support the business outweighed the benefits,” CEO Bobby Le Blanc told analysts during the second-quarter conference call. “It didn’t really fit in well with the credit platform and the fundraising around the credit platform,” he said. Onex Credit lost about US$3 billion in assets under management with the Falcon split, bringing the unit to about $22 billion.
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