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Pascoe’s sale wraps up
The deal has been sealed for the multimillion-dollar purchase of Pascoe’s Group by a plastics packaging company.
Melissa Coade
Firms: Corrs Chambers Westgarth (Pact Group Holdings Ltd); Undisclosed (Pascoe’s Group)
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Deal: Pact Group Holdings (Pact) has acquired Pascoe’s Group (Pascoe’s).
Value: $41 million
Area: M&A
Key players: The Corrs team advising Pact was led by partner Gaynor Tracey. Senior associate Madeleine Kulakauskas, associate Claire Cahill, solicitor Hannah Cooper, and graduate Ananya Mittra also assisted on the deal.
Deal significance: The sale of Pascoe’s for $41 million represents a multiple of 6.5 times earnings before interest, tax, depreciation and amortisation (EBITDA).
Purchaser Pact is one of Australasia’s biggest manufacturers of rigid plastics packaging. Pact has acquired Pascoe's for the initial multimillion-dollar sum, plus an earn out component to the consideration.
According to a statement released by Corrs, who advised Pact on its acquisition, this latest investment follows other acquisitions by the group in the manufacturing space.
“[This deal] further expands Pact’s investment in specialised contract manufacturing, following the recent acquisitions of Jalco and Australian Pharmaceutical Manufacturers,” Corrs said.
Lead partner Gaynor Tracey reiterated the significance of the deal as a strategic investment for Pact Group.
“This is an exciting period of growth for Pact, and we are delighted to have been able to support them on this strategic investment which further expands Pact’s contract manufacturing offering,” Ms Tracey said.
