Onex Corporation has increased its commitment to Onex Partners IV to $1.7 billion from $1.2 billion. This brings the total fund size to $5.7 billion with Onex continuing to be the largest investor. The increased commitment will apply to new Onex Partners IV investments completed after June 3, 2015, and will not change Onex’ ownership of businesses acquired prior to that date.
“We’re pleased with our pipeline of investment opportunities and the recently announced acquisitions for Onex Partners IV,” said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. “We continue to believe we’re better positioned than ever for continued growth. We have a stable and experienced management team with the financial resources to capitalize on any opportunity.”
Last month, Onex agreed to acquire Switzerland-based SIG Combibloc Group (SIG) (www.sig.biz), the second largest provider of aseptic carton packaging globally, for up to €3.7 billion ($4.7 billion). SIG provides beverage and food producers with aseptic carton sleeves and closures and filling machines that producers and packagers use with these sleeves. Of the purchase price, €3.6 billion ($4.4 billion) will be paid at the closing of the transaction, with an additional amount of up to €175 million ($217 million) payable based on the financial performance of SIG in 2015 and 2016. An equity investment of approximately $1.2 billion will be made by Onex Partners IV, certain limited partners as co-investors, including Onex, and SIG’s management team. The transaction is anticipated to close in the first quarter of 2015.
Onex Corporation makes private equity investments through the Onex Partners and the ONCAP families of funds. Onex has more than $20 billion of assets under management and is based in Toronto with additional offices in New York and London. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX (www.onex.com).
2014 PEPD • Private Equity’s Leading News Magazine • 12-5-14
