United States-listed packaging materials company Avery Dennison has agreed to acquire China-based YongLe Tape Company, a manufacturer of specialty tapes and related products, from Asia-focused private equity fund manager ShawKwei & Partners and the company’s management for US$190 million. The purchase price is subject to customary adjustments, including additional earn-outs of up to US$55 million, contingent on performance targets over the next two years. ShawKwei originally invested US$66 million in 2012 through Asia Value Investment Fund III and reportedly generated a return multiple of approximately 4x on its investment. The transaction, which is subject to customary conditions and regulatory approvals, is expected to close in mid-2017.