Corrs Chambers Westgarth
has advised Pact Group Holdings on its acquisition of Pascoe’s Group for $41m.
The deal price, which is 6.5 times EBITDA, has an earn-out component for the speciality contract manufacturer.
The Corrs team was led by partner Gaynor Tracey, who was assisted by senior associate Madeleine Kulakauskas, associate Claire Cahill, lawyer Hannah Cooper, and graduate lawyer Ananya Mittra.
Pact, which is looking to expand its contract manufacturing business, is Australasia’s largest manufacturer of rigid plastics packaging. It has operations throughout Australia and New Zealand, and is growing in Asia. Pact recently acquired Jalco and Australian Pharmaceutical Manufacturers.
The Pascoe’s acquisition, funded by Pact’s existing debt facilities, is expected to be earnings accretive in its first year.
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