Onex Corp., which owns Interbike, Outdoor Retailer and Bicycle Retailer, is reporting a sales increase of 16 percent to $7.1 billion in its third quarter compared with the same period of the prior year.
However, the company notes that the nature of its business as a private equity firm makes quarterly income reports difficult to assess.
“Onex’s quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the value of its publicly traded and privately held operating companies and varying business cycles at its operating companies,” the company said in a statement this week.
The company instead emphasizes capital growth. Its long-term goal is to grow its capital by at least 15 percent a year. For the nine- and 12-month periods that ended Sept. 30, Onex’s proprietary capital per share grew by 14 percent and 20 percent, respectively, to $47.19 per share.
Including its public companies, the value of all operating businesses in the Onex Partners and ONCAP Funds increased by 25 percent during the quarter.
“Over our 29-year history, we have developed a successful approach to private equity investing,” said Gerry Schwartz, chairman and CEO of Onex. “We pursue global businesses with world-class core capabilities and strong free cash flow characteristics where, in partnership with company management, we can build value regardless of the macro-economic environment.”
Onex did not release financials for Emerald Exhibitions, the trade show company that includes Interbike and Outdoor Retailer, which Onex bought from Nielsen Holdings in May.
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Onex is traded on the Toronto stock exchange under the OCX symbol. Its stock performance is tracked on BRAIN’s stock chart.
