Advent International-backed packaging firm Manjushree Technopak to acquire Classy Kontainers
The proposed acquisition will help Manjushree Technopak consolidate its position as a leader in the segment while reinforcing its technical strength.
August 16, 2021 / 06:17 PM IST
In yet another sign of consolidation in the domestic packaging segment, private equity firm Advent International-backed Manjushree Technopack Limited (MTL), India’s largest rigid-plastics packaging company, on August 16 announced that it is entering into a business transfer agreement with Classy Kontainers to acquire its commercial operations and manufacturing facilities, subject to customary closing conditions and regulatory approvals.
The proposed acquisition will help MTL consolidate its position as a leader in the segment while reinforcing its technical strength. MTL will have access to all production units of Classy Kontainers - located in five cities and serve the latter’s existing marquee clientele in the Paints, Adhesives Specialty Chemicals and FMCG segments.
With over 40 years of packaging expertise in India, MTL caters to the packaging requirements of the FMCG, F&B, homecare, personal care, agrochemicals, pharmaceutical, and liquor industries. With a manufacturing capacity of 1,90,000 MT per annum and a turnover of around Rs 1200+ crore, MTL is amongst the top mid-sized companies in India.
Speaking about the acquisition, Sanjay Kapote, MD & CEO of Manjushree Technopack Limited, said, “The acquisition is in line with our aggressive, inorganic growth and business diversification plans. It will allow us to consolidate our position as leaders in the rigid-packaging sector and diversify our presence into new rigid packaging market segments - paints, adhesives, and speciality chemicals space. Given our success in acquisitions till date, we expect a seamless integration of Classy Kontainers with the rest of the MTL group.
We aspire to be the supplier of choice that everyone in the packaging industry turns to and will continue to deliver value for our customers.”
On April 15, Moneycontrol had reported that packaging firm Polyplex corporation was exploring the sale
of a majority stake and had roped in Goldman Sachs as advisors.