Early Life
Gerald Wilfred Schwartz was born on November 24, 1941, in Winnipeg, Manitoba, Canada. His father was an auto parts dealer and his mother was deaf. Schwartz had a close relationship with his father, who instilled in him the values of hard work and ambition. He began working in his father's store at the age of 10, sparking his interest in business from a young age. Schwartz attended the University of Manitoba, earning degrees in commerce and law, and later obtained an MBA from Harvard University.
Rise to Success
Schwartz's career began in the 1970s with a position at Bear Stearns. He was mentored by Jerome Kohlberg, Jr., a key figure in leveraged buyouts, which influenced his future endeavors. Schwartz co-founded CanWest Global Communications in 1977. However, his most significant achievement was the founding of Onex Corporation in 1983. Under his leadership, Onex became a leading private equity firm, managing substantial assets and making strategic acquisitions across various sectors. In May 2023, Schwartz stepped down as CEO of Onex Corporation.
Key Business Strategies
Onex Corporation, under Schwartz, employed a strategy of identifying undervalued businesses, improving their operations, and ultimately selling them for profit. This approach led to numerous successful investments, contributing to Onex's growth and Schwartz's personal wealth. The firm focused on buyouts and long-term investments across various sectors including healthcare, industrials, and technology. Schwartz has also served as a director of Scotiabank since 1999.
Philanthropy
Schwartz is actively involved in philanthropy. He and his wife, Heather Reisman, founded the Gerald Schwartz and Heather Reisman Foundation, supporting initiatives in education, healthcare, and Jewish causes. They have made significant donations to educational institutions such as the University of Toronto and the University of Waterloo. Additionally, they co-founded the Heseg Foundation for Lone Soldiers, which provides scholarships and support to non-Israeli Jews who serve in the Israeli military.
