On March 14, 2007, Onex Corporation and ONCAP completed the sale of CMC Electronics Inc., formerly known as Canadian Marconi Company, a leading aerospace and defense avionics company, to Esterline Technologies Corporation of Bellevue, Washington, for approximately C$392 million.
CMC Electronics was acquired by ONCAP and related co-investors in 2001. The transaction will bring total proceeds to ONCAP and its co-investors of approximately C$650 million, of which approximately C$266 million will have been received by Onex.
ONCAP is the mid-cap private investing equity arm of Onex, one of Canada’s largest companies with global operations in service, manufacturing and technology industries. Onex also manages third-party private equity investments through the Onex Partners and ONCAP family of funds, and manages a real estate fund and a public market fund.
Esterline Technologies is a leading worldwide supplier to the aerospace and defence industry with 8,000 employees in 11 states in the United States, and operations in France, Germany, the United Kingdom and China. Esterline specializes in avionics and controls; sensors and systems; and advanced materials.