Apollo Management, the US buyout firm which raised a record $10bn (€8bn) fund in February, has made its third acquisition in a month with the purchase of Berry Plastics, the US plastic packaging products maker. Its partner in the deal was private equity house Graham Partners.

Apollo Management and Graham Partners, a Philadelphia-based middle market industrial private equity firm, bought Berry Plastics for $2.25bn from Goldman Sachs Capital Partners and JPMorgan Partners. The private equity arms of the respective investment banks bought Berry Plastics in 2002 and are understood to have made three times their investment.