Prior notification of a concentration

(Case M.10802 – ARES / ONEX / FOUNDER / RYAN)

Candidate case for simplified procedure

(Text with EEA relevance)

(2022/C 252/07)

1. On 24 June 2022, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 ( 1 ) This notification concerns the following undertakings: — Ares Management Corporation (‘Ares’, US), — Onex Corporation (‘Onex’, Canada), — Mr. G. Brint Ryan, (‘the Founder,’ a US national), — Ryan LLC (‘Ryan’, US). Ares, Onex and the Founder (‘the Parties’) will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Ryan. The concentration is accomplished by way of purchase of shares.

2. The business activities of the undertakings concerned are the following: — Ares Management Corporation is a US-based alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. As of March 31, 2022, Ares’s global platform had approximately 2 195 employees operating across North America, Europe, Asia Pacific and the Middle East. — Onex Corporation is a Canadian-based corporation listed on the Toronto Stock Exchange with offices in Canada, the United Kingdom, and the United States. Onex invests in companies through a number of private equity funds. Onex invests in a wide range of operating companies in North America and Western Europe which are active in a number of industry sectors and countries. — Founder is G. Brint Ryan, an American citizen who serves as Chairman and Chief Executive Officer of Ryan, which was founded in as the CPA firm Collis & Ryan in 1991. G. Brint Ryan became the majority equity holder and managing principal of the Company in 1993. Mr. Ryan holds investments in several family-related businesses and real estate projects located in the U.S., primarily within the State of Texas. — Ryan is a tax services and consulting firm and provider of tax management software solutions. Ryan is headquartered in Dallas, Texas. Ryan has offices across the United States, Canada, Europe and Asia-Pacific. Further, Ryan serves over 18 000 clients in more than 60 countries.

3. On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.

4. The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission. Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified: M.10802 – ARES / ONEX / FOUNDER / RYAN Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below: Email: COMP-MERGER-REGISTRY@ec.europa.eu Fax +32 22964301 Postal address: European Commission Directorate-General for Competition Merger Registry 1049 Bruxelles/Brussel BELGIQUE/BELGIË

(1) OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2) OJ C 366, 14.12.2013, p. 5.