Canada-based private equity firm Onex Corp. (OCX.TO) said Tuesday it has agreed to acquire SGS International, Inc. for $813 million. SGS is a vertically-integrated provider of graphics services to the consumer products packaging industry.
Louisville, Kentucky-based SGS has over 2,400 employees spanning a network of 37 production facilities and at more than 100 customer locations across 14 countries. For the twelve months ended June 30, 2012, SGS generated revenues of about $390 million.
Onex said that its $4.7 billion private equity fund, Onex Partners III, will make an equity investment of about $260 million in SGS, of which Onex' share is about $65 million as a limited partner in the fund.
SGS' senior management team will also make a significant equity investment in the company. The transaction is expected to close in the fourth quarter.
Hank Baughman, President and Chief Executive Officer of SGS International said, "I look forward to working with Onex to execute our strategic plan and to continue to expand the business to better serve our customers."
David Mansell, an Onex Managing Director, said, "We're delighted to be partnering with Hank and his management team to build on the company's market leadership position through continued international growth and expansion into other complementary services."
Onex manages approximately $14 billion in total, of which $9 billion is third-party capital. The company also invests its own proprietary capital of about $5 billion directly and as a substantial limited partner in its Funds.
OCX.TO closed Friday's trading at $38.76, down $0.34 on a volume of 111,500 shares.
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