Canadian private equity firm Onex Corporation (TSX; OCX) today announced that it has signed a definitive agreement to sell The Warranty Group, Inc., a leading global provider of warranty solutions and related programs, to private equity firm TPG for an enterprise value of approximately $1.5 billion. Kaye Scholer is advising long-term client Onex and The Warranty Group on legal matters related to the transaction.
Under the terms of the agreement, TPG will acquire The Warranty Group and its operating units including Virginia Surety Company, London General Insurance Company, and Resource Automotive. The transaction is expected to close in the third quarter of 2014, and is subject to customary closing conditions and regulatory approvals.
The Kaye Scholer team is being led by Senior Corporate Partner Joel Greenberg and includes Partners Thomas Yadlon, Jeffrey London, Laurie Abramowitz, Chris Peterson, Sheryl Gittlitz, and Sebastian Jungermann, Counsels Gregg Benson and Peter Danias, and Associates Tracy Romano, Sharon Obialo, Brian Witkowski, Connie Ericson and Stephen Sandiford.
