Australia's Brambles said on Tuesday it would buy UK-based Ferguson Group for an enterprise value of $545 million to expand its specialist container business.

Brambles, the world's largest supplier of pallets, said it would fund the deal from existing debt and expected it to be accretive to underlying earnings per share from its 2015 financial year.

Ferguson Group provides a range of containers for the offshore oil and gas industry and has posted compound annual sales growth of 11 percent since 2009, Brambles said.

Sydney-based Brambles spun off its Recall data management business last December.