Ryan, LLC (“Ryan” or the “Company”) and Onex Corporation (“Onex”)
(TSX: ONEX) announced today a private equity fund managed by Ares
Management Corporation (“Ares”) (NYSE: ARES) has committed to
acquiring a significant minority equity interest in Ryan, valuing
the Company at $2.5 billion. The investment was made in
partnership with Ryan’s management team and the Company’s existing
investor Onex Partners, Onex’ flagship private equity platform, who
will retain a significant minority equity interest in Ryan. This
combined partnership will drive the next stage of growth for the
Company.
Headquartered in Dallas, Texas, Ryan is a leading global tax
services and software provider with an integrated suite of federal,
state, local, and international tax services, and is the largest
firm in the world dedicated exclusively to business taxes. Its
multidisciplinary team of more than 3,500 professionals and
associates serves over 18,000 clients in more than 60 countries,
including many of the world’s most prominent companies.
“Ares is an excellent partner for our firm due to their
experience helping great companies drive technology transformations
and long-term growth,” said G. Brint Ryan, Chairman and Chief
Executive Officer of Ryan. “We have been on a growth trajectory
with recent strategic acquisitions, expansions of several key
practice areas, and the addition of some of the world’s most
respected companies to our already impressive client roster. With
the backing of Ares and Onex, we’ll continue this momentum and
increase value to our clients and team members around the world as
we build the global brand in tax.”
“Ryan is a culture-driven, growth-oriented sector leader in the
tax advisory and software industry,” said Abraham Zilkha, Partner
in the Ares Private Equity Group. “We are thrilled to have the
opportunity to partner with the Ryan team and with Onex, and we
look forward to leveraging the breadth of our global platform to
help support Ryan’s continued growth.”
“When we invested in Ryan almost four years ago, the firm’s
strong track record, client-centric approach, and winning culture
were very clear,” said Amir Motamedi, a Managing Director at Onex
Partners. “Since then, Ryan has continued to strengthen its market
position by focusing on the needs of its clients and well-being of
its team members. We believe the best is yet to come, and we’re
delighted to welcome Ares as our new partner.”
The transaction is expected to close in the third quarter of
2022, subject to customary closing conditions.
This news release may contain forward-looking statements that
are based on Ares, Ryan, and Onex management’s current expectations
and are subject to known and unknown uncertainties and risks, which
could cause actual results to differ materially from those
contemplated or implied by such forward-looking
statements. Ares, Ryan, and Onex are under no obligation to
update any forward-looking statements contained herein should
material facts change due to new information, future events or
otherwise.
About RyanRyan, an award-winning global tax
services and software provider, is the largest Firm in the world
dedicated exclusively to business taxes. With global headquarters
in Dallas, Texas, the Firm provides an integrated suite of federal,
state, local, and international tax services on a
multijurisdictional basis, including tax recovery, consulting,
advocacy, compliance, and technology services. Ryan is a 10-time
recipient of the International Service Excellence Award from the
Customer Service Institute of America (CSIA) for its commitment to
world-class client service. Empowered by the
dynamic myRyan work environment, which is widely
recognized as the most innovative in the tax services industry,
Ryan’s multidisciplinary team of more than 3,500 professionals and
associates serves over 18,000 clients in more than 60 countries,
including many of the world’s most prominent Global 5000 companies.
More information about Ryan can be found at ryan.com. “Ryan”
and “Firm” refer to the global organizational network and may refer
to one or more of the member firms of Ryan International, each of
which is a separate legal entity.
About Ares Management CorporationAres
Management Corporation (NYSE: ARES) is a leading global alternative
investment manager offering clients complementary primary and
secondary investment solutions across the credit, private equity,
real estate and infrastructure asset classes. We seek to provide
flexible capital to support businesses and create value for our
stakeholders and within our communities. By collaborating across
our investment groups, we aim to generate consistent and attractive
investment returns throughout market cycles. As of March 31, 2022,
Ares Management Corporation's global platform had approximately
$325 billion of assets under management, with approximately 2,100
employees operating across North America, Europe, Asia Pacific and
the Middle East. For more information, please
visit www.aresmgmt.com.
About Onex Onex is an investor and asset
manager that invests capital on behalf of Onex shareholders and
clients across the globe. Formed in 1984, we have a long track
record of creating value for our clients and shareholders. Onex’
two primary businesses are Private Equity and Credit. In Private
Equity, we raise funds from third-party investors, or limited
partners, and invest them, along with Onex’ own investing capital,
through the funds of our private equity platforms, Onex Partners
and ONCAP. Similarly, in Credit, we raise and invest capital across
several private credit, public credit and public equity strategies.
Our investors include a broad range of global clients, including
public and private pension plans, sovereign wealth funds, insurance
companies and family offices. In addition, through our private
wealth platform, we service high net worth clients in Canada. In
total, as of March 31, 2022, Onex has $49.2 billion in assets under
management, of which $8.2 billion is Onex’ 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 is listed on the
Toronto Stock Exchange under the 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.
For Further Information:
RyanStacey UnderwoodSenior Manager, Content,
Communications, and Public Relations+1
972.934.0022stacey.underwood@ryan.com |
AresBrittany
Cash+1 212.301.0347orJacob Silber+1
212.301.0376media@aresmgmt.com |
OnexJill Homenuk Managing Director – Shareholder
Relations and Communications +1 416.362.7711 |
Onex (TSX:ONEX)
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