: Pact Group is one of Australia’s biggest packaging manufacturers and Rich Lister Raphael Geminder owns 49 per cent of it.
A business which supplies coat hangers and security tags to clothing retailers bought in 2018 for $122m had a rough time, with revenues falling 17pc.Raphael Geminder’s 49 per cent stake in the packaging company by $1.3 billion,Pact sold a 50 per cent stake in one of its growth businesses, Crate Pooling and Crate Manufacturing, to infrastructure investor MorrisonIt triggered a partial rebound in Pact shares of 12 per cent to 85¢ by noon, which cheered chief executive Sanjay Dayal.
Pact’s retail accessories business, which supplies coat hangers and security tags to retailers, suffered a 17 per cent slide in revenue over the 12 months because of a sharp downturn in the sector as discretionary spending on clothing contracted. PactCo partner Mark Mudie said the purchase of the 50 per cent stake in the crate pooling business would give its fund investors a chance to add exposure to the push toward a circular economy, where waste was minimised and ultimately eliminated.