Onex to acquire USI Insurance Services for $2.3 billion

Onex Corp. has agreed to acquire USI Insurance Services from Goldman Sachs Capital Partners for $2.3 billion, Toronto-based private equity firm Onex announced Monday.

Briarcliff, N.Y.-based USI ranked ninth on Business Insurance's list of 2011's largest brokers of U.S. business, with revenue of $659.3 million. The transaction, which is subject to regulatory approval and other conditions, is expected to close by the end of the year.

“USI has established a strong national insurance brokerage with a very impressive management team led by (USI CEO) Mike Sicard,” said Onex Managing Director Robert Le Blanc in a statement announcing the acquisition. “The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions.”

“We look forward to our next phase of growth in partnership with Onex,” said Mr. Sicard in the statement.