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News

Onex completes acquisition of Kodak's health group to set up Carestream Health

Carestream Health : 01 May, 2007  (New Product)
Onex has completed the Can$2.6 billion ($2.35 billion) acquisition of Eastman Kodak Company's Health Group and renamed the company Carestream Health
Carestream Health has approximately 8,100 employees around the world serving tens of thousands of customers and generates Can$2.8 billion ($2.5 billion) in annual sales with a goal to become one of the world’s leading companies in the markets it serves: medical and dental digital and film imaging, digital information systems, molecular imaging and non-destructive testing.

'We are delighted to acquire a business with an impressive record of successful growth, tremendous opportunities for further value creation, and a first class management team under the leadership of Kevin J Hobert, with whom we share a common vision for the future', said Robert M Le Blanc, an Onex managing director.

'Carestream Health will continue to focus on customers and employees as its top priority'.

'We and the Carestream Health management team are already exploring initiatives to enhance its market leading products and services'.

'We have a terrific opportunity for our global organization to meet the growing imaging and information needs of our customers now and into the future', said Hobert, chief executive Officer of Carestream Health.

Onex has a long track record of acquiring businesses and working with them to achieve superior growth and operational excellence.

Onex expertise and its commitment to this business, together with Carestream Health's proven product portfolio, worldwide presence and highly talented employee base will result in tremendous opportunities to provide the best in customer service.

Onex has a 20 year track record of successfully acquiring and building major business divisions from companies such as American Airlines, IBM, Laidlaw, Aon, Boeing and Raytheon.

The equity investment of approximately Can$521 million ($471 million) to complete the acquisition will be made by Onex Partners, Onex large cap Private Equity Fund.

The investment by Onex, as a limited partner in that fund, is approximately Can$206 million ($186 million).

Onex manages third party private equity investments through the Onex Partners and ONCAP family of funds.

The company also manages a real estate fund and a public market fund.
Through these activities Onex generates annual management fee income in excess of Can$60 million and is entitled to a carried interest on approximately Can$3.8 billion of third party capital.

Onex is a diversified company with annual consolidated revenues of approximately Can$26 billion and consolidated assets of approximately Can$26 billion.

Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries.
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