US-based Private equity (PE) firm Advent International has acquired Manjushree Technopack Ltd., India's largest rigid plastic packaging solution provider.
As part of the deal, Advent purchased entire 40% stake held by Indian PE firm Kedaara Capital and a portion of the promoters Kedia family's stake in Manjushree Technopack.
Vimal Kedia, Founder and Managing Director of Manjushree, and the rest of the company's senior management team will remain with the company
Vimal Kedia said,"We appreciate the support we've received from Kedaara over the past three years in promoting new business development, strengthening the management team, streamlining sales management processes and driving geographic expansion to build a pan-India presence. Now, we look forward to partnering with Advent, a leading global investor with strong knowledge of the Indian market and experience in the consumer packaging sector. With the Indian rigid packaging industry expected to double (in size) over the next few years, we will look to further strengthen our foothold. Through our new partnership, we will focus on consolidating our leadership position and taking the company to new growth levels."
Shweta Jalan, Managing Director and Head, India, Advent International, said, "The rigid plastic packaging market is expected to expand by 15% per year over the next five years, driven by underlying growth in consumer-end markets, the continued shift from glass and paper to plastic packaging, and the introduction of new products. Manjushree Technopack is the market leader in an industry with strong growth tailwinds."