Private Equity firm Onex Corporation has agreed to acquire SIG Combibloc Group from the Rank Group. The takeover is anticipated to formally close in the first quarter of 2015, subject to customary conditions and regulatory approvals.
Onex Corporation is a private equity investment firm. It is a publicly traded company controlled by its founder Gerry Schwartz, who serves as Chairman and CEO. Founded in 1984, Onex is headquartered in Toronto, Canada, with offices in New York and London.
“Onex is a strong and committed capital partner to grant continuity in our successful business strategy. They match SIG ideally and will together with us further develop and grow the business on a long term basis,” says Rolf Stangl, CEO SIG Combibloc Group. “Just as in the past, focusing on our customers and delivering excellent quality and service, remains the unchanged top priority for SIG.”
“SIG’s management team has successfully proven its ability to enter and grow in new markets, while maintaining its standards of excellence in existing markets,” said Nigel Wright, a managing director in Onex’s London office. “We look forward to partnering with Rolf Stangl and his team to further build upon SIG’s impressive track record and continue its growth.”
According to media reports, The Toronto-headquartered private equity firm will pay an initial sum of up to €3.58bn for the Swiss packaging company as well as a further €175m based on its performance in 2015-16.
There was speculation in July in the New Zealand and Australian media that less than a decade after building the world’s largest packaging empire, Graeme Hart was considering asset sales worth at least $7.9bn to reduce $18bn in debt and to test the waters for an initial public offer of his remaining businesses.
Rank Group Ltd is Graeme Hart’s private investment company and is the 100% owner of Reynolds Group Holdings which confirmed in a filing to the US Securities and Exchange Commission in July that it had embarked on a strategic review of its Evergreen Packaging business which included carton maker SIG Holdings.
SIG Combibloc is one of the world’s leading system suppliers of carton packaging and filling machines for beverages and food. In 2013 the company achieved a turnover of 1,680 million Euro with around 5,100 employees in 40 countries.
© FoodBev Media Ltd 2021
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