AptarGroup Inc. (Crystal Lake, IL) has signed an agreement to purchase Mega Airless (Villingen-Schwenningen, Germany), a provider of airless dispensing systems for the beauty, personal care and pharmaceutical markets. This strategic move will enhance AptarGroup’s already diversified portfolio of business.

The $218 million buyout will be funded with available cash on hand in Europe and an existing revolving credit facility. The transaction is expected to be finalized in the first quarter of this year.

With more than 30 years of experience, Mega Airless and has two manufacturing facilities in Germany and one in the U.S. Mega Airless’ projected annual revenues for 2015 are approximately $66 million.

In a statement, Steve Hagge, President and CEO, AptarGroup, said, “We are very pleased to announce this strategic acquisition which aligns with our disciplined approach of acquiring well-managed, profitable businesses with innovative technology. Their products and the markets they serve are complementary to our own and we see significant opportunities to leverage AptarGroup’s global network to grow this business. Today, dermal applications are growing and evolving. Regulatory agencies in the prescription and over-the-counter pharmaceutical markets, and customers in the beauty and personal care markets, are seeking better ways to control dosing and preserve formulations across a variety of products. This transaction will enable us to shape the future of airless solutions.”

AptarGroup has manufacturing facilities in North America, Europe, Asia and South America.