The Pratt family appears set for a $500 million lift following reports that family member Raphael Geminder is considering a $2 billion float of his fully-owned packaging business, Pact Group

October 8, 2013 Leave a comment

Andrew Heathcote Rich Lists editor

Proposed Pact Group float to give $500 million boost to Pratt family’s wealth

Published 07 October 2013 11:20, Updated 08 October 2013 07:12

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The wider Pratt family’s Rich 200 valuation could be set for a boost if Pact’s IPO goes ahead.

The Pratt family appears set for a $500 million lift following reports that family member Raphael Geminder is considering a $2 billion float of his fully-owned packaging business, Pact Group. The Australian Financial Review has reported that Geminder has appointed Credit Suisse and Macquarie Capital to explore options for a float. The suggested $2 billion valuation is $500 million more than the value placed on it by BRW in its determination of this year’s Rich 200 rankings. Anthony Pratt & family ranked fourth on the Rich 200 with $5.95 billion, just $50 million behind third ranked James Packer.A public listing of Pact may lead to the Pratt family being split-up on future issues of the Rich 200. The three adult children of family patriarch Richard Pratt each have a third of their main business, Visy.

Anthony Pratt is Visy’s chairman and personally owns the US business, Pratt Industries.

His sisters Fiona Geminder and Heloise Waislitz also have big businesses aside from their one third stakes in Visy.

Fiona Geminder is married to Raphael Geminder while Waislitz is married to Alex Waislitz, who owns and runs the $1 billion investment company, Thorney Holdings.

Pact has turnover of about $1.3 billion across Australia and Asia.

This is the third time in three years Raphael Geminder has explored options for selling Pact. A proposed listing was withdrawn in 2010 and discussion with private equity investors last year failed to lead to a sale.

The Geminders also own half of the $90 million publicly-listed Pro-Pac Packaging.

Like most billionaires, the Geminders enjoy a lavish lifestyle. Reports emerged in July that they are paying $34,500 a month in rent for a mansion in Toorak, while undertaking a $10 million renovation at their home in nearby Kooyong.

Filed under Macro Trends

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