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Onex closes Jack's Family Restaurants exit

Onex Corp. and its fund affiliates closed the divestment of Jack's Family Restaurants Inc.

The transaction generated a 3.6x gross multiple of invested capital and a 38% gross rate of return. The buyer is Aea Investors Fund VII LP, a fund managed by private equity firm AEA Investors LP, according to S&P Global Market Intelligence data.

The Canadian investor's Onex Partners IV LP fund, which invested in the fast-food restaurant chain in July 2015, received approximately $835 million in proceeds, including previous distributions of $106 million.

As a limited partner in the fund, Onex received $255 million in proceeds, including prior payouts of $31 million.