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Kaye Scholer Advises Onex and Schumacher Group in Completing the Acquisition of HPP

August 25, 2015

Kaye Scholer advised private equity firm Onex Corporation and its subsidiary, Schumacher Group, in completing Schumacher’s acquisition of Hospital Physician Partners (“HPP”). HPP is the fourth largest U.S. provider of emergency and hospital medicine clinical staffing services. The transaction was completed in partnership with HPP's founders, Dr. David Schillinger and Jeffrey Schillinger.

Corporate partners Joel Greenberg and Derek Stoldt and associate Tracy Belton led the Kaye Scholer teams representing Onex and Schumacher Group on this transactions. The client team also included: Corporate associates Sharon Obialo, Chris Konieczny, Michelle Han and Tyler Conway; Tax partner Laurie Abramowitz and counsel Gregg Benson; Benefits partner Jeff London and associate Brian Witkowski; Litigation special counsel Glenn Pogust; Real Estate of counsel Irv Hepner and associate Amanda Myers; Environmental associate Connie Ericson; Finance partner Sheryl Gittlitz and associate Roxanne Mintz; HSR counsel Peter Danias; and IP counsel John Rynkiewicz.

Below is the Onex-issued press release:

Onex Completes Acquisition of Hospital Physician Partners

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX: OCX) today announced it has completed the acquisition of Hospital Physician Partners ("HPP") through its subsidiary, Schumacher Group ("Schumacher"). HPP is the fourth largest U.S. provider of emergency and hospital medicine clinical staffing services.

The transaction, completed in partnership with HPP's founders, Dr. David Schillinger and Jeffrey Schillinger, was funded by incremental debt and equity. Onex Partners IV invested $105 million and the balance of the equity was from other investors, including the management of HPP and Schumacher, and cash from Schumacher's balance sheet. Onex' share of the investment as a limited partner in the Fund was $30 million. Pro forma for the acquisition of HPP, Onex Partners IV has a 71% interest in Schumacher.

About Onex

Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $22 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.

Onex' businesses have assets of $37 billion, generate annual revenues of $25 billion and employ approximately 207,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

Contacts:

Onex Corporation

Emma Thompson

Managing Director - Investor Relations

Tel: 416.362.7711

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Joel I. Greenberg
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Derek Stoldt
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Tracy A. Belton
Counsel
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Tyler Conway
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