Onex to sell stake in RSI Home Products for $323 million

Mon Feb 11, 2013 8:38am EST
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(Reuters) - Canadian private equity firm Onex Corp OCX.TO said on Monday it plans to sell its 50 percent stake in RSI Home Products back to the privately held company for about $323 million.

Onex said its investment in RSI, which manufactures kitchen and bathroom cabinets, has generated significant returns for its fund.

Onex invested $318 million in RSI in October 2008. Following the close of the sale, Onex will have received total proceeds of about $471 million from RSI, including prior distributions.

Toronto-based Onex said it expects the deal to close by the end of March, subject to closing conditions, including a financing condition for the benefit of RSI.

(Reporting by Euan Rocha; Editing by Gerald E. McCormick)