Private equity firm Apollo Global Management is reportedly in advanced negotiations to acquire UK-based plastic packaging firm RPC Group.
Image: Apollo is in advanced talks to acquire plastic packaging firm RPC Group. Photo: courtesy of Photo by rawpixel / Unsplash.
The deal could be valued at around $3.8bn, as per the Wall Street Journal.
RPC has extended the deadline to 23 January to make a firm offer for the company. In September, RPC announced that it started discussions with Apollo for the acquisition of the firm.
Both firms have declined to comment on the latest round of talks.
Founded in 1991, RPC is a global design and engineering company in plastic products in packaging and non-packaging markets.
With over 31 design and engineering centers, the company has turnover of around £3.7bn.
RPC Group has seven divisions, including RPC Ace, RPC Bebo, RPC bpi group, RPC Bramlage, RPC M&H, RPC Promens and RPC Superfos.
RPC Ace is specialized in providing products and services for five major markets such as packaging, lifestyle, medical, power and automotive.
RPC Bebo produces thermoformed packaging solutions for different markets, including spreads, fresh, frozen and ambient shelf stable food, coffee capsules, vending cups and dairy products.
RPC bpi group supplies polythene films to package products across the agriculture, food, beverage, healthcare, construction, facilities management, industrial and retail sectors.
RPC Bramlage offers plastic packaging solutions for products in sectors such as personal care, healthcare, luxury, food and home.
RPC M&H provides packaging solutions for local, regional and global market customers in personal care, healthcare, food and beverage, household and commercial.
RPC Promens provides processing technologies for packaging solutions across multiple industrial and consumer markets.
RPC Superfos provides packaging solutions for a range of food and non-food applications.
In August 2018, Graphic Packaging International agreed to acquire all the assets of the foodservice business of Letica, a subsidiary of RPC Group, for $95m.
Letica Foodservice produces paperboard-based cold and hot cups and cartons for the foodservice market in North America.
The company operates two foodservice converting plants in Clarksville, Tennessee and Pittston, Pennsylvania.