Private equity firm, The Onex Group, has completed the acquisition process of SIG Combibloc Group, suppliers of carton packaging and filling machines for beverages and food, for €3.75bn.
SIG is a part of the New Zealand-based Rank group and supplies complete systems including the packaging materials and the corresponding filling machines.
Based in Switzerland, the company predominantly uses cardboard manufactured from wood to produce its carton packs.
Onex, which announced its decision of buying the packaging company in November 2014, said that the €3.75bn also included a contingent earn-out component.
Onex, as a limited partner in the fund and as a co-investor, invested $405m.
With the transaction, the Onex Group and SIG's management team will completely own the company.
Onex' London office managing director Nigel Wright had said during the announcement: "SIG's management team has successfully proven its ability to enter and grow in new markets, while maintaining its standard of excellence in existing markets. We look forward to partnering with Rolf Stangl and his team to further build upon SIG's impressive track record and continue its growth."
The company stated that Onex Partners IV and certain limited partners as co-investors (the Onex Group) made an equity investment of around $1.2bn.
SIG Combibloc CEO Rolf Stangl said: "Our commitment to providing customers with a premier aseptic carton packaging system has made SIG a leader within our industry. We are excited about our next phase of growth in partnering with Onex."
Employing 5,100 people across 40 countries, SIG had a turnover of around €1,680m in 2013. It has seven production facilities globally, based out of Europe, South America and Asia Pacific.
