Morrison & Co buys into Pact’s crate pooling business

The crate business recently extended a contract with Woolworths. (Image: Getty)

Wed, 16 Aug 2023

Morrison & Co has bought a 50% stake in Australian securities exchange-listed packaging firm Pact Group’s crate pooling business, putting a A$380 million (NZ$412m) enterprise value on the business. Pact will pocket net cash proceeds of about A$160m up front, with a further A$20m of potential earnouts for the half-stake in the crate pooling business, which generated earnings before interest, tax, depreciation and amortisation of A$34.9m in the June 2023 year. The crate pooling business operates a network of wash and distribut...

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