Onex Partners to Acquire Fidelity Building Services Group
November 09 2021 - 7:00AM
Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex
Partners V, Onex’ $7.2 billion fund, has agreed to acquire Fidelity
Building Services Group (“Fidelity BSG” or the “company”), in
partnership with the company’s management team.
Fidelity BSG is a leading provider of technical
building solutions for the commercial and industrial facilities
market, delivering best-in-class, non-discretionary services
through every phase of a building’s lifecycle. Headquartered in
Sparks, Maryland, Fidelity BSG’s offering includes a complete range
of maintenance, retrofit, replacement and highly engineered
design-build services for mechanical HVAC systems, building
automation and controls, as well as emergency generators and power
systems. The company has over 1,700 team members across
30 locations in 13 states.
“Fidelity BSG has a strong reputation for
providing its customers with high-quality service supported by
differentiated technical expertise. The company is well-positioned
to benefit from an increasing focus on improving energy efficiency,
indoor air quality and occupant comfort in buildings,” said Matt
Ross, a Managing Director at Onex. “We’re delighted to be
partnering with the Fidelity BSG team to support its continued
organic growth and help accelerate its successful acquisition
strategy.”
“Our focus on outstanding customer service and
dedication to our Team Members has allowed Fidelity BSG to be
become one of the leading providers of critical HVAC and technical
facilities services,” stated Dave Lanphar, Chief Executive Officer
of Fidelity BSG. “We are excited to be partnering with Onex in the
next chapter of our growth.”
The transaction is anticipated to close later
this year subject to customary closing conditions. With this
transaction, Onex Partners V will be approximately 73% invested.
The terms of the transaction are not being disclosed at this
time.
On this transaction, Harris Williams served as
financial advisor and Kirkland & Ellis LLP as legal counsel to
Fidelity BSG. Latham & Watkins LLP served as legal counsel to
Onex.
About OnexFounded in 1984, Onex
manages and invests capital on behalf of its shareholders,
institutional investors and high net worth clients from around the
world. Onex’ platforms include: Onex Partners, private equity funds
focused on mid- to large-cap opportunities in North America and
Western Europe; ONCAP, private equity funds focused on middle
market and smaller opportunities in North America; Onex Credit,
which manages primarily non-investment grade debt through
tradeable, private and opportunistic credit strategies as well as
actively managed public equity and public credit funds; and Gluskin
Sheff’s wealth management services. In total, as of June 30, 2021,
Onex has approximately $46 billion of assets under management, of
which approximately $7.5 billion is its own investing capital.
With offices in Toronto, New York, New Jersey, Boston and London,
Onex and its experienced management teams are collectively the
largest investors across Onex’ platforms.
Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX. For more information on Onex, visit
its website at www.onex.com. Onex’ security filings can also be
accessed at www.sedar.com.
About Fidelity Building Services
GroupFidelity Building Services Group (Fidelity BSG) was
founded in 1945 as a full-service mechanical engineering,
contracting, and service company that introduced air conditioning,
refrigeration, and process cooling to a new marketplace. The advent
of air conditioning went on to revolutionize the entire building
industry and Fidelity BSG has been on the leading edge ever since.
Today, our geographic footprint has grown beyond the Mid-Atlantic,
extending throughout the South and the Gulf Region. With over 1,700
Team Members, 30 locations in 13 states, 75+ years of experience,
and an intense focus on delivering Proactive, World-Class Service,
Fidelity BSG is established as a national premier provider of
high-performance integrated technical building solutions for the
commercial and industrial facilities market.
Fidelity BSG’s product and service offerings
include Emergency Generators/Power Systems, Building
Mechanical/HVAC Systems, Building Automation & Controls, and
Systems Integration. Our core markets are commercial, industrial,
and institutional facilities. Our leaders are some of the most
highly regarded individuals in the service, construction, and
engineering communities. Collectively, we share a commitment to
advancing the cause of building energy efficiencies, sustainable
energy solutions, and service excellence. For more information
visit https://fidelitybsg.com.
Forward-Looking StatementsThis
press release may contain, without limitation, statements
concerning possible or assumed future operations, performance or
results preceded by, followed by or that include words such as
“believes”, “expects”, “potential”, “anticipates”, “estimates”,
“intends”, “plans” and words of similar connotation, which would
constitute forward-looking statements. Forward-looking statements
are not guarantees. The reader should not place undue reliance on
forward-looking statements and information because they involve
significant and diverse risks and uncertainties that may cause
actual operations, performance or results to be materially
different from those indicated in these forward-looking statements.
Except as may be required by Canadian securities law, Onex is under
no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future
events or other factors. These cautionary statements expressly
qualify all forward-looking statements in this press release.
For Further
Information:OnexJill HomenukManaging Director –
Shareholder Relations and CommunicationsTel: +1 416.362.7711
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