Ms. Jill Homenuk reports

ONCAP PARTNERS WITH MERRITHEW

Onex Corp.'s ONCAP has purchased a majority stake in Merrithew International Inc., in partnership with Merrithew's founders Lindsay and Moira Merrithew.

Merrithew is a global leader in mindful movement as one of the largest developers, manufacturers and retailers of Pilates equipment, accessories, content and education worldwide. The company's innovative education and certification programs for fitness instructors operate under several global brands, including Stott Pilates, ZEN-GA, Total Barre, Halo Training, Merrithew Fascial Movement, and CORE Athletic Conditioning and Performance Training. Founded in 1988 and headquartered in Toronto, Ont., Merrithew has trained more than 60,000 instructors and partners worldwide since inception.

"Today's announcement marks an exciting new chapter for Merrithew's continued global growth and expansion with the support of ONCAP," said Lindsay G. Merrithew, president and chief executive officer of Merrithew. "ONCAP's impressive track record backing founder-owned businesses gave our family the utmost confidence they are the ideal partner for us."

"Merrithew is recognized by consumers globally for its high-quality and innovative equipment, accessories, and education courses and content, with an unparalleled commitment to exceptional customer service," said Wole James, a managing director with ONCAP. "We are delighted to be partnering with Lindsay, Moira and the Merrithew team to further build on the company's tremendous success and global expansion through a variety of organic and acquisition growth initiatives."

The investment was made by ONCAP IV, Onex's $1.1-billion fund. The terms of the transaction are not being disclosed at this time.

About ONCAP

ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small and medium-sized businesses that are market leaders and possess meaningful growth potential.

About Onex Corp.

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's 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 Sept. 31, 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's platforms.