Headquartered in Nottingham, the £493m pharmaceutical and consumer packaging group has 38 paperboard packaging sites spread across the UK, Belgium, China, France, Germany, Hungary, Netherlands, Poland, and the US and employs 5,000 staff.

Chesapeake's £60m turnover Specialty Chemical Packaging operations is not part of the deal.

"We are delighted to have Carlyle working with us as we continue building on the strong reputation we have earned for our high quality products and services," said Chesapeake chief executive Mike Cheetham.

"Carlyle’s backing will support our aspirations to build upon our strong investments over the past three years as we further grow and develop our business. This collaboration will allow us to respond effectively to new business opportunities as we look to further align our business with our customers’ global requirements," he added.

According to Chesapeake head of marketing and communications Bob Houghton, the company is looking to build its presence in new territories and markets.

Capital for the purchase was provided by Carlyle’s Carlyle Europe Partners, a €5.3bn private equity fund, financing was provided by Credit Suisse, Goldman Sachs, UBS and Barclays.

Eric Kump, managing director of Carlyle Europe Partners, said: "Chesapeake is a strong business focused on attractive growth markets.  The management team has delivered sustained growth and significantly strengthened the company in recent years.  We look forward to partnering with them to further develop the company’s international footprint and to invest in delivering industry leading products and services."

Carlyle was advised on the sale by Moorgate Capital, Latham & Watkins, Credit Suisse and KPMG.

Moorgate Capital head of packaging M&A Nicholas Mockett said: "Carlyle’s investment in Chesapeake highlights the increasing importance of printed packaging in the overall marketing mix and the vital role that printing and packaging plays in highly regulated industries, such as pharmaceuticals, in protecting the consumer.

"Chesapeake is an exceptional platform for growth, with strong management, excellent facilities, and unparalleled footprint."

Mockett, who personally advised on the acquisition highlighted that the Chesapeake sale represents the third "significant" deal for a UK-based packaging group this year, following Filtrona’s £160m purchase of Contego Healthcare in March and Graphic Packaging’s £81m purchase of Contego Packaging in January.