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#Onex has thrown in the towel and off-loaded #Gluskin Sheff to #RBC. The fig leaf for Onex: Royal will distribute their private market products. It is an embarrassing and ignominious end to the Onex $445 million acquisition of the then-public Gluskin. 1/n
Those with long memories will recall the glory days of G+S when they hosted the Barnes Exhibition at the Art Gallery of Ontario in 1994. It was an over the top coming out party and prepared the company to go public a couple of years later. 2/n
Based on its 2% management fee and 20% share of profits the public company had a peak value well over $500 million before things started to go south. Ira Gluskin, the brilliant investment strategist, retired. Gerry Sheff, the entrepreneur and visionary, left too 3/n
