Onex sells remaining stake in Spirit AeroSystems ending nineyear investment

TORONTO — Onex Corp and its affiliates have sold their remaining 8.4 million shares of Spirit AeroSystems Holdings, Inc., a former Boeing manufacturing unit that makes major structures for commercial, military and business jets.Based on the Thursday closing price for Spirit’s shares at the New York Stock Exchange, the Onex Group’s shares would be worth US$304 million but the stock was sold at a slight discount — a common practice when large volumes are sold at once.Spirit AeroSystems were down 1.68% at US$35.60 on the New York Stock Exchange Friday. The company said the shares owned by the Onex Group were sold for $35.90 — a discount of 31 cents per share.In Toronto, Onex shares were down slightly Friday by 0.44% at $62.97. They hit a 52-week high of $63.54 on June 2.Toronto-based Onex is a highly diversified company, which invests on behalf of itself and partners in various industries. A significant portion of its profits come from the purchase and resale of companies after a period of control.Its sale of the remaining stake in Spirit AeroSystems follows the sale of The Warranty Group in a deal valued at US$1.5 billion to an affiliate of TPG Capital and an agreement to buy York Risk Services Group in a deal valued at US$1.325 billion.Onex and its affiliates originally acquired Spirit AeroSystems in June 2005.Over the following nine years, Onex and its affiliates have received US$3.2 billion in proceeds from the investment.Onex said Thursday that its own original investment in Spirit was US$108 million and its share of the proceeds since 2005, including $118 million of interest, totalled US$975 million.The sale was announced in Toronto by Onex senior managing director Seth Mersky and by Spirit from Wichita, Kan., where its main operations are located.Spirit said current and former members of its management would also be part of the secondary public offering of nearly 8.56 million class A common shares for $35.90 each.The Canadian Press read more

2021 Canada Games are coming to Niagara — and to Brock

Brock University joins its community partners and neighbours in celebrating the news that Niagara region has been selected to host the 2021 Canada Summer Games.The decision, announced in Toronto on Thursday (March 30) by Ontario Tourism Minister Eleanor McMahon, ended a spirited competition among four Ontario communities that had been shortlisted as possible hosts for Canada’s pre-eminent national athletics competition. In the end, Niagara edged out strong bids from Ottawa, Sudbury and Kitchener-Waterloo-Cambridge.Brock University was among several partners from across the region who joined and enthusiastically supported the Niagara bid team, which has spent many months identifying potential sites and aligning resources into an ambitious plan to welcome more than 5,000 athletes and 30,000 visitors to Niagara in the summer of 2021.It has been projected that the Games will have an economic impact of more than $200 million across all of Niagara, creating hundreds of jobs and leaving a significant infrastructure legacy for the benefit of Niagara residents.Brock, which has residences and food services that normally support thousands of students, will serve as an athletes’ village during the summer event, and will also host multiple athletic events at its sports venues.“This is a wonderful result for everyone in our region,” said the University’s Interim President Tom Traves. “Brock is proud to be part of Niagara, and proud to be one of many important partners on this collaboration.”Tom Arkell, Brock’s Associate Vice-President of University Services, played a lead role for the University on the bid committee, and was in Toronto Thursday for the announcement.“Our successful bid was a region wide effort,” said Arkell, “one that will result in the building of much-needed facilities that will provide an exceptional experience for athletes from Niagara and all across Canada.“Niagara will shine, thanks to the efforts of all levels of government, business, Brock, Niagara College and so many individual supporters.“We can’t wait to get started.” read more