The packaging business of Australian group Amcor Flexibles has been bought by its management.

The packaging business of Australian group Amcor Flexibles has been bought by its management.

The deal was backed by Swedish private equity house Accent Equity with the acquired company now trading as Flextrus.

The business, which has plants in Somerset and Lund, Sweden, has been owned by Amcor Flexibles since 2001.

Flextrus develops, produces and markets flexible extruded materials for companies in food manufacturing and other demanding technical applications. Its main market is Northern Europe.

Amcor Flexibles’ legal adviser was Delphi, led by partner David Aversten, which structured the all share deal to include its plants in Sweden and UK.

“Once again this shows proof of Delphi’s strength as lead transaction adviser in a highly complex cross border transaction involving multi jurisdictional issues,” Aversten said.

The deal has created a combined business with a £67 million turnover and 250 employees.