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RPC provides a range of solutions including packaging for food.
RPC provides a range of solutions including packaging for food.

Private equity firm Apollo Global Management agreed to acquire RPC Group, one of Europe's largest suppliers of plastic packaging, for £3.3 billion after months of negotiations.

Another private equity firm Bain Capital was also in talks to make a bid for RPC but dropped out of the competition in December 2018.

The acquisition underlines how the sector's reliable cash flow, driven by demand from online shopping, is proving appealing to private equity firms and packaging giants.

“The offer recognises the quality of RPC’s businesses and the strength of their future prospects,” said Jamie Pike, chairman of RPC. “In July (2018), I stated that differing investor views on the appropriate level of gearing was constraining the group’s ability to pursue opportunities for growth and, as such, putting pressure on RPC’s valuation. Today’s announcement is the culmination of that process.”

With over 188 operations in 33 countries, UK-based RPC provides a range of solutions including packaging for food and beverage, personal care and healthcare products, and non-food products.

Last year, RPC saw revenue grow by 7% to reach £1.89 billion while operating profit increased by 3% to £214.3 million.

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