Reuters: Private Equity: Australia's Pact Group considering stake sale-sources

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Australia's Pact Group considering stake sale-sources May 25th 2012, 05:25 HONG KONG/SYDNEY | Fri May 25, 2012 1:25am EDT HONG KONG/SYDNEY May 25 (Reuters) - Pact Group, a packaging company privately owned by one of Australia's wealthiest families, has hired Deutsche Bank to examine options including the sale of a stake to an investor, according to two sources familiar with the situation. Pact, which has annual turnover of around A$1.2 billion ($1.17 billion), considered an initial public offering in 2010 that was valued at around A$1 billion, but decided against that option, according to media reports. One of the sources told Reuters that Pact's owner, the Pratt family, wanted to retain control of the business and was considering selling a stake of 20 percent to 30 percent. The second source said the family was interested in attracting an overseas investor to expand the business. The people spoke on condition of anonymity because the matter is confidential. Pact is controlled by Raphael Geminder, son-in-law of the late billionaire Richard Pratt whose privately owned Visy Industries packaging empire helped Pratt to become the country's fourth-richest person in 2008, the year before he died, with a fortune of A$5.5 billion. Pact manufactures a range of plastic packaging including food containers, bottles, trays and pails. It owns brands including VIP Packaging, Plaspak and Salient Asia Pacific. A spokeswoman for Pact said the company's policy is not to comment on any speculation. Deutsche Bank declined to comment. (Reporting by Stephen Aldred and Narayanan Somasundaram; Additional reporting by Victoria Thieberger; Editing by Kim Coghill) Link this Share this Digg this Email Reprints

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