Hart may reap $5.6b from SIG as private equity swoops
Canada's largest buyout firm Onex Corp may reach an agreement to buy SIG for 3.6 billion euros ($NZ5.66 billion) as early as this week.
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Canada’s largest buyout firm, Onex Corp, is said to be a frontrunner to buy Swiss juice-box maker SIG Combibloc Group AG from Graeme Hart’s Rank Group.
Onex may reach an agreement to buy SIG for 3.6 billion euros ($NZ5.66 billion) as early as this week, Reuters reports, citing people familiar with the deal.
Onex is competing with Swiss-based rival Partners Group, after BC Partners dropped out of the running, the sources said.
It emerged in June that Mr Hart was exploring a sale of SIG, which he bought for 2.8 billion Swiss francs ($NZ2.3 billion) in 2007.
SIG is based in Neuhausen am Rheinfall, Switzerland, and has annual earnings before interest, tax, depreciation and amortisation (ebitda) of 420 million euros.
The company makes cartons for V8 vegetable drinks and Campbell soups, among other things.
Mr Hart is this country’s richest individual with a net worth of $7 billion, according to the 2014 NBR Rich List.
Duncan Bridgeman
Tue, 18 Nov 2014
Tue, 18 Nov 2014
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Hart may reap $5.6b from SIG as private equity swoops
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