Ropes & Gray Advises New Mountain Capital and OneDigital in Sale of Majority Stake to Onex Corporation

Ropes & Gray advised New Mountain Capital and OneDigital in connection with a majority investment by Onex Corporation and its affiliated funds (Onex Group) in OneDigital. The transaction was announced on Sept. 15. The press release is here.

The transaction values OneDigital at $2.65 billion. New Mountain Capital, the former majority shareholder, and OneDigital employees will roll a significant portion of their existing investments into the transaction. Upon closing, the Onex Group and employees of OneDigital will own approximately 83% of the company. The transaction is anticipated to close by the end of 2020 subject to customary conditions and regulatory approvals.

The Ropes & Gray team that represented New Mountain Capital was led by M&A and private equity partner John Sorkin and private equity associate Andrew Silver, and included tax partner Adam Greenwood, finance partner Arek Maczka, and employment, executive compensation & benefits partner Alexandra Alperovich (all of New York), asset management partner James Thomas (Boston), antitrust partner Jonathan Klarfeld (Washington), and health care partner Jennifer Romig (Chicago).

The team also included private equity associates Douglas Giannantonio and Holt Baker, finance associates Jessica Subler and Jeffrey Lang (all of New York), litigation & enforcement counsel Deidre Johnson (Boston) and Lee Gayer (New York), mergers & acquisitions associate Caitlin Wilcox (New York), tax, employment & benefits associate Erin Mathews (New York), tax associate Michael Shulman (New York), employment, executive compensation & benefits counsel Stephanie Bruce (Boston), employment, executive compensation & benefits associates Yu Chen Xue (Boston) and Christa Sanchez (New York), corporate associate Konrad Thallner (New York), asset management counsel Michael Jurasic (Boston), health care associate John Saran (Chicago), and litigation & enforcement associate Derek Yee (Boston).