Onex sells remainder of Ryan Specialty for $226M (U.S.)

Executive Summary

• Onex Corp. has completed the final realization of its investment in Ryan Specialty Holdings Inc. by selling approximately 4.1 million shares of Class A common stock.
• The transaction marks Onex's full exit from Ryan Specialty, resulting in total realized proceeds of $1.2 billion from the investment.
• Bobby Le Blanc, Onex’s CEO, will retire from Ryan Specialty’s board following the sale, with the departure mutually agreed upon by Onex and Ryan Specialty.

Key Details

• Transaction Structure: Sale of approximately 4.1 million shares of Class A common stock of Ryan Specialty Holdings Inc.
• Immediate Proceeds: $226 million USD from the final sale tranche.
• Total Realized Proceeds: $1.2 billion USD from the entire Ryan Specialty investment.
• Investment Performance:
  • Multiple of Capital: 3.8x
  • Internal Rate of Return (IRR): 49%
• Governance Changes: Bobby Le Blanc (Onex CEO) will retire from Ryan Specialty’s board of directors.
• Investment Duration: The investment spanned approximately seven years.

Notable Quotes

• Bobby Le Blanc, CEO of Onex Corp.: "I am profoundly grateful to founder and chairman Pat Ryan, CEO Tim Turner and the entire Ryan Specialty team for their partnership and the tremendous amount of value they have created for all shareholders. It has been a privilege to work with them for the last seven years as they grew and cemented their position as a market leader in specialty insurance solutions."
• Patrick G. Ryan, Founder and Chairman of Ryan Specialty: "Bobby has been an exceptional director for Ryan Specialty, and we thank him for his contributions during the past seven-plus years. We also thank Onex for investing in Ryan Specialty prior to our IPO. That investment assisted us at an important time in our growth trajectory and proved to be immensely profitable for Onex as well."