Schwartz founded Onex in 1984 and took the company public in 1987. In June 2007,
General Motors sold
Allison Transmission to financial investors
Carlyle Group and Onex Corporation. In 2010, Onex and the
Canada Pension Plan acquired English engineering firm
Tomkins, though Onex only held 14% of shares. At the end of 2017, Onex acquired
SMG. The company was sold off in 2019 to merge with
AEG Facilities to form ASM Global. In 2019, Onex acquired
Gluskin Sheff, a Toronto-based wealth management firm. In December 2019, Onex purchased Canada's second-largest airline
WestJet for billion (equivalent to $ billion in ). In May 2020, Onex blamed a first-quarter net loss of $1.1 billion US dollars on the
COVID-19 pandemic. Founder Schwartz stepped down as CEO in May 2022 and was replaced by Bobby Le Blanc. ==References==