Smurfit Kappa says it has agreed to acquire Inspirepac, a non-integrated corrugated, high quality print and display business in the UK from the Logson Group.

Inspirepac is a private company with 279 employees, and operates two packaging plants and a further two erecting plants in the North of England.

The transaction will be completed for a consideration of GBP 43.5 million ($64 million) and will be immediately earnings accretive. It is expected to close in the 2Q 2015 subject to customary closing conditions. Based on 2014 EBITDA of GBP 6 million ($8.9 million) and expected year one synergies of approximately GBP 1.2 million ($1.8 million), the Group will complete the acquisition at a post synergies multiple of 6 times EBITDA.

Tony Smurfit, COO and President of Smurfit Kappa Group commented: "We are delighted with the announcement of this acquisition and look forward to welcoming the Inspirepac team into Smurfit Kappa UK. They have built excellent businesses in many product and customer sectors which will add to our existing strengths, and support our continued drive to 'Open the Future' within the UK packaging market."