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RBC tows Morrison & Co into Pact’s crate pooling business
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Listed packaging solutions business Pact Group Holdings has sold half of its crate pooling business to infrastructure investor Morrison & Co for a $380 million enterprise valuation.
Pact Group CEO Sanjay Dayal.
The unit posted $34.9 million EBITDA for the 2023 financial year. It would leave Pact, which was advised by Citi, with $160 million cash proceeds after costs. Morrison & Co was advised by RBC Capital Markets.
The deal – an announced in Pact’s results on Wednesday – comes after Street Talk reported Pact had hired Citi to find a buyer for the unit in an effort to shore up its balance sheet.
The division provides plastic crates used by supermarkets and retailers to transport and display goods — for example, apples in supermarkets.
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