Canadian private equity firm Onex Corporation announced Monday it will acquire SIG Combibloc Group AG—the world’s second largest provider of aseptic carton packaging—for $4.66 billion.

Based in Switzerland, SIG provides beverage and food producers with a variety of aseptic carton sleeves and closures, as well as the filling machines that producers and packagers use with these sleeves. According to Onex, SIG operates seven production facilities based out of Europe, South America and Asia Pacific and employs approximately 5,200 people.

Rolf Stangl, CEO of SIG, said the company is excited about its future growth with Onex.

“SIG’s management team has successfully proven its ability to enter and grow in new markets, while maintaining its standard of excellence in existing markets,” said Nigel Wright, a Managing Director in Onex’ London office. “We look forward to partnering with Rolf Stangl and his team to further build upon SIG’s impressive track record and continue its growth.”

The transaction is expected to close in the first quarter of 2015.