Onex Corporation ("Onex") (TSX: ONEX) and its affiliated funds (the "Onex Group") today announced it has agreed to make a majority investment in OneDigital, a leading U.S. provider of employee benefits insurance brokerage and retirement consulting services. New Mountain Capital ("New Mountain"), the former majority shareholder, and OneDigital employees will roll a significant portion of their existing investments into the transaction. Founded in 2000, OneDigital is headquartered in Atlanta, Georgia and has more than 2,000 employees in over 100 offices across the United States.
The transaction values OneDigital at $2.65 billion. 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. The transaction is anticipated to close by the end of 2020 subject to customary conditions and regulatory approvals.
Advising New Mountain Capital on this transaction further demonstrates Waller Helms Advisors’ prominence as an advisor to industry leaders in the insurance brokerage sector. Other recent assignments include advising HGGC on its acquisition of PCF Insurance, EPIC Insurance Brokers & Consultants on its acquisition of Prime Risk Partners, Heffernan Insurance Brokers on its sale of a minority stake to SkyKnight Capital, Relation Insurance Services on its sale to Aquiline Capital Partners, Propel Insurance on its recapitalization by Flexpoint Ford, and Crystal & Company on its sale to Alliant Insurance Services.