Onex Hands Control of Private Credit Unit Falcon Back to Its Managers

Onex Corp. has jettisoned a majority stake in a private credit firm it bought less than four years ago, the latest move by the Canadian asset manager to cut costs and simplify the business under a new chief executive officer.

The firm agreed to the “separation” of Onex Falcon as an independent entity, though it will keep a 20% stake along with future carried interest participation, according to a statement Thursday. Falcon’s managing partners will own the remaining 80%.