PRAIRIE VILLAGE, Kansas – WireCo WorldGroup (“WireCo”) confirmed today the previously announced majority investment has been completed from an affiliate of Onex Corporation, one of the oldest and most successful private equity firms. Funds managed by Paine & Partners, LLC will retain a minority interest alongside WireCo management.
The $270 million equity investment from Onex was used to reduce WireCo’s debt from approximately $835 million as of June 30, 2016 to approximately $600 million. As a result, annual interest expense is reduced by nearly $25 million. WireCo received corporate debt rating upgrades from Moody’s and S&P.