(Bloomberg) — Australian tycoon Raphael Geminder is considering selling the Asian operations of his packaging companies, according to people with knowledge of the matter.
Dynapack Asia and Pact Group Holdings Ltd. are working with a financial adviser and have reached out to potential investors, including private equity firms and other packaging firms, the people said, asking not to be identified because the deliberations are private. A deal could value their combined Asia operations at about $1 billion, the people said.
Geminder, the brother-in-law of Australia’s fourth-wealthiest person Anthony Pratt, owns 50% of Dynapack Asia. The owners of the other half of the company are also considering joining him in the potential sale, the people said. Talks are ongoing and may not result in a transaction, they added.
Dynapack Asia and Pact Group didn’t respond to requests for comment.
Dynapack Asia was founded in 1959 by Soebekti Hambali, who died on New Year’s Eve 2022, aged 97. Geminder Holdings Pty acquired a 50% stake in the Indonesian company in 2011, while entities controlled by the Hambali family own the rest. Geminder is chairman of Dynapack Asia and its chief executive officer is Tirtadjaja Hambali, who is known as “Plastic Man” in Indonesia, according to the company’s website.
Dynapack Asia makes packaging and components, including bottles, jars, tubes and molded parts for industries including personal and baby care, food and beverage, home cleaning and pharmaceuticals. Its clients include Coca-Cola Co., Johnson & Johnson, Procter & Gamble Co., Shell Plc and Unilever Plc, and it has offices in Jakarta, Bangkok and Singapore.
Geminder founded Pact Group in 2002. The company delisted from the Australian Securities Exchange in July, saying in a filing it would continue a review of its Asian packaging and closures business, including a possible divestment. Net debt for the group as a whole rose 18.4% last financial year to about A$496 million ($328 million), the filing showed.
–With assistance from Rebecca Jones.
(Updates with more information on Dynapack Asia operations. A previous version of this story corrected spelling of Procter & Gamble in sixth paragraph.)
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