Onex Sells Partial Stake in Emergency Medical Services for 6 Times Cost

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2009) - All amounts in Canadian dollars unless otherwise stated Onex Corporation OCX announced today that it has sold part of its interest in Emergency Medical Services Corporation EMS in a secondary offering of 9.2 million shares of class A common stock at a price of US$40 per share. The transaction, representing the sale of approximately 29% of the Onex group's interest in EMSC, included the exercise by the underwriters of their option to purchase additional shares to cover over-allotments. Of the total offering, Onex Corporation sold approximately 3.5 million shares for net proceeds of approximately US$137 million, including carried interest. Based on a per-share cash cost of US$6.67 to acquire the business in 2005, this sale of shares resulted in a multiple of invested capital of almost 6 times. With the completion of the offering, the Onex group continues to own approximately 54% of EMSC's equity, of which Onex' share is approximately 20%. The shares held by the Onex group represent 92% of the combined voting power. "With a focus on creating value for our shareholders, Onex has remained true to its long-held investment strategy, which has served us well over 25 years," said Robert Le Blanc, Managing Director of Onex. "EMSC's performance is a testament to our approach of identifying attractive businesses and partnering with excellent management teams to build high-quality, industry-leading companies." "The EMSC management team has done an excellent job of transforming the company into a leading provider of emergency medical services in the United States. We look forward to working closely with the company to further build on its tremendous success and find opportunities to grow organically and through acquisitions," continued Mr. Le Blanc. About Emergency Medical Services Corporation Emergency Medical Services Corporation (EMSC) is a leading provider of emergency medical services in the United States. EMSC operates two business segments: American Medical Response, Inc. (AMR), the Company's healthcare transportation services segment, and EmCare Holdings Inc. (EmCare), the company's outsourced hospital-based physician services segment. AMR is the leading provider of ambulance services in the United States. EmCare is a leading provider of outsourced emergency department and hospital-based physician services. In 2008, EMSC provided services to 11.4 million patients in nearly 2,100 communities nationwide. EMSC is headquartered in Greenwood Village, Colorado. About Onex Onex is one of North America's oldest and most successful private equity firms. Onex makes private equity investments through the Onex Partners and ONCAP families of Funds. Onex also manages investment platforms focused on real estate and credit securities. In total, the Company manages approximately US$10 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately US$7 billion of third-party capital, and also invests its own capital directly and as a substantial limited partner in its Funds. Onex' businesses generate annual revenues of $33 billion, have assets of $40 billion and employ 211,000 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.