onex corp. ocx.to 0.00 agreed to buy swiss juicebox maker sig combibloc group ag for as much as 3.75 billion euros 4.7 billion as canadas largest buyout firm expands in europe.onex will pay an initial 3.58 billion euros to reynolds group holdings ltd., part of aucklandbased rank group ltd., when the deal is closed in the first quarter, with the remainder dependent on sig meeting financial targets over the next two years, the company said in a statement today.onex has been making a strategic push into europe, most recently opening a credit office in october to begin offering collateralized loan obligations on the continent. the toronto based privateequity firm has only made one significant acquisition so far in 2014 with the july purchase of york risk services group inc., a provider of risk management, insurance claims and managedcar services, for 1.33 billion.sigs management team has successfully proven its ability to enter and grow in new markets, said nigel wright, a managing director in onexs london office.onex has highlighted europe as a viable hunting ground for assets with market volatility creating opportunities for acquisitions as companies back away from initial public offerings. the sig deal involves an equity investment of 1.25 billion by onex and coinvestors that include the companys management team.sig, which was founded in the 1850s as a railway carmaker, had sales of 1.68 billion euros in 2013, and more than 5,100 employees in about 40 countries, according to its website. it makes cartons for v8 vegetable drinks and campbell soups.sig was bought by rank group, which is backed by billionaire graeme hart, in 2007 for 2.8 billion swiss francs 2.9 billion. goldman sachs group inc. acted as exclusive financial adviser to reynolds on the transaction, the new zealandbased company said in a separate statement.source httpwww.bnn.canews20141124onextobuyswisspackagingmakersigforupto47b.aspx
