Global industrial packaging and services provider Greif has commenced exclusive negotiations with an affiliate of SK Capital Partners to acquire IPACKCHEM Group.

The proposed transaction is valued at $538m in cash value.

Greif is planning to fund the proposed deal by utilising its available capacity in existing credit facilities.

If implemented, the planned acquisition of IPACKCHEM would close by the end of second quarter (Q2) of Greif’s financial year 2024 (FY24).

The potential deal is subject to the completion of information-consultation processes as specified under French national law along with some other closing conditions and regulatory clearances.

IPACKCHEM, which has been owned by SK Capital since 2021, is a France-based company that specialises in the production of plastic packaging, including small plastic containers and barrier and non-barrier jerrycans.

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It currently has more than 1,400 employees deployed across 13 operating facilities in eight different countries.

Greif president and CEO Ole Rosgaard said: “The IPACKCHEM portfolio is in perfect alignment with Greif’s strategic growth aspirations in jerrycans and other small plastics.”

Greif’s exclusive financial advisor for the planned deal is Stifel while Allen & Overy, Trilegal, and Pinheiro Neto Advogados are serving as its legal advisors.

Goldman Sachs & Co and William Blair & Company are serving as lead financial advisor and co-advisor, respectively, to SK Capital Partners and other IPACKCHEM shareholders.

The legal advisor to SK Capital Partners for the proposed transaction is Kirkland & Ellis.

IPACKCHEM CEO Jean-Philippe Morvan said: “Greif’s industry expertise and customer service orientation will enhance our value proposition to our global customer base. I would like to thank SK Capital for their strong partnership through our most recent phase of transformational growth.”