PE firms consider bid for Australian packaging firm – report
The Blackstone Group, KKR and The Carlyle Group are said to be in talks with banks over a bid for Australian packaging company Pact. The deal could value the firm at as much as $1.4 billion.
Pact has hired Deutsche Bank to advise on the sale of around 50% of its equity as it seeks financial and strategic support to expand beyond its home market. The company has set a deadline of the end of June for first-round bids, Reuters reported.
Pact is controlled by Raphael Geminder, son-in-law of the late billionaire Richard Pratt. It produces a range of plastic packaging products including food containers, bottles, trays and pails. The company's brands include VIP Packaging, Plaspak and Salient Asia Pacific.
An IPO was considered in 2010, with bankers valuing the business at around A$1 billion ($1 billion), but the plan was subsequently abandoned. Pact is said to have posted EBITDA of A$200 million last year.
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