Berry Plastics Group will acquire Avintic Inc., formerly PGI Nonwovens, from private equity funds managed by The Blackstone Group LP for approximately $2.45 billion in cash on a debt-free, cash-free basis. Avintiv is the world’s largest producer of nonwovens with sales last year of more than $2 billion.  It has 23 locations in 14 countries, an employee base of more than 4500 people and the broadest range of process technologies in the industry.

In the past several years, Avintiv has grown agressively, making acquisitions and investments around the globe. These moves have positioned it as a global supplier to many of the same leading consumer and industrial product manufacturers that Berry Plastics supplies.

“We are extremely excited to welcome the team and global capabilities of Avintiv to the Berry organization,” says Jon Rich, chairman and CEO of Berry Plastics. “The combination of Berry Plastics and Avintiv creates a global leader in plastics packaging and engineered specialty materials with enhanced technology, material, and commercial capabilities to more broadly serve our customers.”

Joel Hackney, Avintiv’s CEO, comments, “AVINTIV has made tremendous progress advancing our mission to create a safer, cleaner, and healthier world. Joining Berry creates an ideal platform to expand into new adjacencies, strengthen our current capabilities, and bring new innovations to our customers. Our employees’ hard work and dedication has enabled us to deliver consistent growth and margin expansion and will continue to play a critical role in the success of Berry.”

The proposed transaction, which is subject to customary closing conditions, is expected to close by the end of calendar year 2015.