All amounts in U.S. dollars unless otherwise stated 

PLANO, Texas, DOHA, Qatar, and TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) — AIT (the “company”), together with its founding management and Onex Corporation (“Onex”) (TSX: ONEX), today announced that Qatar Investment Authority (“QIA”), the sovereign wealth fund of the State of Qatar, through its affiliates, has agreed to acquire a minority interest in AIT, the world’s largest provider of factory automation to the aerospace, defense, and space launch sectors. The transaction is expected to close in 2022, subject to regulatory conditions and approvals.

QIA will acquire its interest in AIT through a combination of primary capital and partial sales by the company’s two existing shareholders, AIT’s founding management team and Onex Partners IV. Following the transaction, all three parties will assume minority joint ownership of the company.

“QIA is among the world’s most sophisticated investors. We’ve been deliberate in our choice of partner and are excited for this next chapter in our history,” commented Ed Chalupa, AIT’s Founder, Chairman and Chief Executive Officer. “AIT is emerging from the pandemic with the highest quality contracted backlog in its history. Our ability to attract high quality investors is testament to the critical role automation technology is playing in restoring factory production rates, easing cost pressures and enabling industry product launches after a two-year pandemic disruption.”

Mr. Mansoor bin Ebrahim Al-Mahmoud, Chief Executive Officer of QIA, said: “We continue to target value added growth businesses in automation and productivity enhancing industries globally. We’re excited to partner with AIT, as it looks to address demand post pandemic, while exploring new avenues for innovation in space launch and urban air mobility.”

About AIT
Headquartered in Plano, TX, Advanced Integration Technology (“AIT”) is the world’s largest provider of automation, factory integration and tooling solutions dedicated to the global aerospace, defense, and space launch vehicle industries, as well as new manufacturing solutions for commercial urban air mobility markets. AIT serves a wide range of global, blue-chip OEMs and Tier 1 suppliers, including Airbus, Boeing, Lockheed Martin, Northrop Grumman, and Spirit AeroSystems. AIT has facilities in the United States, Canada, Spain, and Sweden. For more information on AIT, visit its website at www.aint.com.

About QIA
Qatar Investment Authority (“QIA”) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar. For more information on QIA, visit its website at www.qia.qa.

About Onex
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of September 30, 2021, Onex has approximately $47 billion of assets under management, of which approximately $7.9 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Advisors
Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. are serving as financial advisors to AIT and Fried, Frank, Harris, Shriver & Jacobson LLP and White & Case LLP are serving as its legal advisors. Sullivan & Cromwell LLP is serving as legal advisor to QIA.

Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

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