Onex Partners V LP fund manageOnex Corporation (TSX:ONEX) agreed to acquire Accredited Holding Corporation from Randall & Quilter America Holdings, Inc. for an enterprise value of $465 million on October 20, 2023. The sale is conditional on the transfer of R&Q's Chief Executive Officer, William Spiegel, and Chief Financial Officer, Thomas Solomon to Accredited upon closing. Upon closing of the Sale, Group Non-Executive Chairman Jeff Hayman will act as Chairman and Interim Chief Executive Officer of R&Q. The Board will initiate a search to appoint a new Chief Executive Officer of R&Q at the appropriate time. Upon closing of the Sale, Paul Bradbrook, currently Chief Accounting Officer of R&Q, will become Chief Financial Officer of R&Q and a member of the Board of Directors. As of June 30, 2023, Accredited had gross assets of $4.3 billion and shareholder's equity of $243 million.

Evercore acted as a lead financial advisor, BMO Capital Markets, Citigroup, and CIBC Capital Markets acted as financial advisors, and Daniel R. Breslin, Neil Campbell and Shaun D. Hartley of Latham & Watkins LLP acted as legal counsel to Onex. Fenchurch Advisory Partners LLP, Barclays Bank PLC and Howden Tiger acted as a financial advisor to Randall & Quilter America Holdings, Inc.

Giles Rolls and Charles Farquhar of Numis Securities Inc. acted as financial advisor to Randall & Quilter America Holdings, Inc.

The transaction is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions, including approval by R&Q?s shareholders. As on February 23, 2024, R&Q?s shareholders received approval, and the transaction is expected to close in the first half of 2024.

On March 5, 2024, the European Commission approved, under the EU Merger Regulation, the acquisition of sole control of Randall & Quilter America Holdings Inc. of the US by ONEX Corporation (?ONEX?) of Canada.

Onex Partners V LP fund manageOnex Corporation (TSX:ONEX) completed the acquisition of Accredited Holding Corporation from Randall & Quilter America Holdings, Inc. on June 28, 2024. Accredited will now operate as an independent program management company providing A- rated.