Gerald Schwartz founded Onex Corporation with 2 million dollars of his own money in 1983 and built it into a private equity firm managing tens of billions, including the WestJet buyout.
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Gerald Schwartz, born November 24, 1941, in Winnipeg, founded Onex Corporation in 1983 with 2 million dollars of his own money and roughly 50 million dollars from investors. Onex grew into one of North America's oldest private equity firms, managing more than 30 billion dollars in assets and leading the 5 billion dollar 2019 buyout of WestJet, Canada's second largest airline. Forbes has estimated his net worth near 1.5 billion dollars.
Who Is Gerald Schwartz?
Gerald Schwartz is a Canadian businessman who founded Onex Corporation, one of North America's oldest private equity firms, and led it as chairman and chief executive for four decades before resigning as CEO in 2023.
At a Glance
| Born | November 24, 1941, Winnipeg, Manitoba, Canada |
| Education | University of Manitoba, BA and LLB; MBA from Harvard Business School |
| CanWest Global | Co-founded CanWest Capital Corporation with Izzy Asper in 1977, later CanWest Global Communications; left in 1983 |
| Onex Corporation | Founded 1983 in Toronto with 2 million dollars of his own capital plus roughly 50 million dollars from investors. Took the company public in 1987 |
| WestJet acquisition | Led Onex's 5 billion dollar acquisition of WestJet Airlines in 2019, taking Canada's second largest carrier private |
| Net worth | Approximately 1.5 to 1.6 billion dollars per recent Forbes estimates |
| Philanthropy | With wife Heather Reisman, founded the HESEG Foundation in 2005, which funds scholarships for non-Israeli volunteer soldiers in the IDF |
How Did Gerald Schwartz Build Onex Corporation?
Schwartz, the son of a lawyer and an auto parts dealer in Winnipeg, articled with tax lawyer Izzy Asper before earning his MBA at Harvard and working at the New York brokerage Estabrook and Company. In 1977 Schwartz returned to Winnipeg and, with Asper, formed CanWest Capital Corporation, which grew into CanWest Global Communications. The partnership dissolved in 1983 over strategic disagreements, and Schwartz left with 2 million dollars of his own money and nearly 50 million dollars from investors.
Schwartz moved to Toronto and founded Onex Corporation the same year, built around a strategy of acquiring undervalued or mismanaged companies and improving them. Onex went public in 1987 and has since grown into a firm managing more than 30 billion dollars in assets, among the oldest private equity operations in North America. Schwartz stepped down as CEO in May 2023 after four decades running the firm.
What Was the WestJet Deal?
In 2019, Onex signed a deal to acquire WestJet Airlines, Canada's second largest carrier, for 3.5 to 5 billion dollars depending on the valuation cited, taking the airline private. The acquisition was one of the largest corporate buyouts in Canadian aviation history and came after Schwartz had already built Onex into a company with roughly 16 billion dollars in annual revenue across its portfolio companies and tens of thousands of employees worldwide.
Frequently Asked Questions
Who is Gerald Schwartz?
Gerald Schwartz is a Canadian businessman who founded Onex Corporation in 1983 and led it as chairman and CEO for four decades, building it into one of North America's oldest private equity firms.
What is Onex Corporation?
Onex Corporation is a Toronto-based private equity firm founded by Gerald Schwartz in 1983 that manages more than 30 billion dollars in assets and led the 2019 buyout of WestJet Airlines.
What is Gerald Schwartz's net worth?
Forbes has estimated Gerald Schwartz's net worth at approximately 1.5 to 1.6 billion dollars in recent rankings.
What is the HESEG Foundation?
The HESEG Foundation, established by Gerald Schwartz and his wife Heather Reisman in 2005, provides scholarships and living expenses to non-Israeli volunteer soldiers who serve in the Israel Defense Forces.
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מי הוא ג'רלד שוורץ?
ג'רלד שוורץ, יליד וויניפג 1941, ייסד ב-1983 את Onex Corporation בהון עצמי של 2 מיליון דולר, והפך אותה לאחת מחברות הפרייבט אקוויטי הוותיקות בצפון אמריקה, המנהלת כיום מעל 30 מיליארד דולר. ב-2019 הובילה Onex את רכישת חברת התעופה הקנדית WestJet בעסקה של כ-5 מיליארד דולר. הונו מוערך בכ-1.5 מיליארד דולר.
The Olam Editorial Team | The Builders / הבונים
