Irish-founded packaging firm Powerflute set to sell up for €315m

US private equity house Madison Dearborn Partners has reached initial agreement to buy Irish-founded packaging company Powerflute less than a year after failing at the first attempt.

Finland-based Powerflute — founded and chaired by Dermot Smurfit Sr — yesterday announced that an agreement has been reached that is set to see Madison Dearborn, via affiliate firm Nordic Packaging and Container (Finland), acquire the business for around £268m (€315m).

The cash offer has been recommended to shareholders.