SIG COMBIBLOC IS NO STRANGER to reinvention. Founded as a railway carriage manufacturer nearly 170 years ago, the Swiss company is now one of the world's leading suppliers of food and drink packaging. From its unlikely headquarters in the small town of Neu-hausen, SIG's emerging markets strategy has seen it expand into more than 60 countries stretching from Chile to South Korea. Its most recent transformation involves its capital structure. Following its takeover by Onex in 2015, SIG was saddled with a debt stack typical of any private equity buyout, leaving the company levered 5.9 times its debt-to-earnings before interest, taxes, depreciation, and amortisation (Ebitda). Three years later, SIG listed on the Swiss stock exchange, replaced its funding, and set its sights on an investment-grade rating and a leverage ratio of two times Ebitda.
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