Onex bought into the business for $199m in 2007, with $78m provided by the firm itself and the remainder through its closed-ended fund Onex Partners II.
The company, which provides outsources industrial services to steel mills in North America, had annual revenues of $2.5bn in 2012.
Onex said it had invested a total of $249m in TMS since 2007 and will have received $504m of proceeds following the sale, including from the company’s IPO and prior distributions.
Onex managing director Tim Duncanson said, “TMS’ strong relationships with leading global steel producers and its relentless focus on delivering exceptional value for its customers resulted in significant growth for the business, particularly internationally, despite challenging market conditions.
“We have thoroughly enjoyed our partnership with the TMS management team and wish them continued success.”
The firm last gathered $4.7bn for its Onex Partners III vehicle in 2009, and plans to stick to that fund’s strategy of large-cap North American investments according to Bloomberg.
It cited three people with knowledge of the matter, although investor relations vice president Emma Thompson subsequently declined to comment on fundraising.
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