Australian packaging giant Amcor (Abbotsford; www.amcor.com) is expanding its Asia Pacific flexible packaging business by purchasing flexible packaging producer Aperio Group (Nunawading / Australia; www.aperiogroup.com.au) for AUD 238m (EUR 191m). Aperio has 12 manufacturing facilities across Australia and New Zealand, plus a facility in Thailand, and has annual revenues of approximately AUD 350m. Aperio’s pro-forma EBITDA for 2011 was AUD 40m, Amcor stated, giving a purchase multiple of six.

Following the acquisition, Amcor said the number of sites in its Asia Pacific flexible packaging business will rise from 21 to 34 and turnover from the business will reach approximately AUD 1.2 bn. The company estimates the synergy benefits at AUD 25m and the net cash cost to achieve the synergies at AUD 25m. “Inclusive of capital expenditure synergies the acquisition is expected to deliver a return on investment of more than 20% by the end of year three,” it added.

The Australian Competition and Consumer Commission (ACCC) is investigating the transaction and is expected to make a final decision on 29 March 2012. Amcor said it aims to complete the deal as close as possible to that date.