Apollo Global Management is to buy packaging products maker RPC Group(RPC.L) for 3.3 billion pounds ($4.28 billion) in cash after months of negotiations, marking the latest M&A deal for an industry in the midst of a consolidation phase.

The acquisition highlights how the sector’s reliable cashflow, driven by demand from online shopping, is proving attractive to private equity firms, as well as a spate of takeovers by bigger packaging players.

RPC, Europe’s biggest plastic packaging maker, makes a range of products including packaging for beverages, coffee capsules and healthcare products.

Apollo’s offer of 782 pence per share represents a premium of 15.6 percent to RPC’s closing price on Sept. 7, the last trading day before the offer period began. RPC’s shares rose on Wednesday as much as 5.5 percent to 774 pence.

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