Oncap executive Evan Hershberg to join Leonard Green

  • To join Leonard Green in 2019
  • Focus: auto/heavy-duty aftermarket, building products
  • Prior to Oncap, worked at UBS

Evan Hershberg, a managing director at Onex Corp’s middle-market platform, Oncap, will leave the team and join Leonard Green & Partners, sources told Buyouts.

Hershberg is expected to join Leonard Green in early 2019. Whether he is still at Oncap is unclear.

At Oncap, Hershberg focuses on automotive/heavy duty aftermarket and building products, according to his bio on Onex’s website. He didn’t respond to requests for comment.

Hershberg joined Onex in 2004 and worked on transactions like Tecta America, Hopkins Manufacturing Corp, Casino ABS, Caliber Collision Centers, Mister Car Wash, CSI Global Education and Futuremed.

Prior to Oncap, Hershberg worked in the investment banking division at UBS and Dundee Securities in Toronto.

Oncap closed its most recent fund on $1.1 billion for Oncap IV in 2016. Onex is the largest LP in Oncap IV with a $480 million commitment, according to a news release at the time.

Leonard Green is investing out of its seventh fund, which closed on $9.6 billion in 2016. Founded in 1989, Leonard Green focuses on consumer, business and healthcare services, as well as retail.

In March, Leonard Green closed its acquisition of Cincinnati-based ProMach, which provides packaging machinery services, from AEA Investors.

Action Item: Check out Leonard Green’s Form ADV here: https://bit.ly/2LPGK4X