Warburg Pincus backed Parksons Packaging Ltd has acquired folding carton manufacturer Manohar Packaging for an undisclosed amount, the company said in a press statement on Monday.
Founded in 1994 Manohar Packaging is one of the producers of carton packaging and the industry leader in the alcoholic beverages segment. Through 2 manufacturing facilities across India, Manohar Packaging can convert more than100 a million sheets annually.
Parksons Packaging said Manohar’s deep sector expertise and long-standing relationships with its marquee customer base brings significant synergies to Parksons’ domain expertise and depth of services.
The company stated the manufacturing plants bring high strategic value to Parksons Packaging and are significantly scalable for future growth. Parksons' has a presence through its 6 manufacturing plants located across Daman, Chakan, Pantnagar, Guwahati and Sricity combined with Manohar's presence in Goa and Punjab.
"Parksons has consistently been at the forefront of delivering high service quality and innovation to our customers. Adding Manohar's depth of services and domain expertise strengthens our offerings in the Food & Beverage segment and increases our footprint in North and West India." Siddharth Kejriwal, managing director, Parksons Packaging said in a statement
Founded in 1996, Parksons is the largest independent producer of folding cartons in India. Parksons customers across several industries including fast-moving consumer goods(FMCG), pharmaceuticals, retail and electricals in domestic as well as international markets.
InCredMAPE, a division of InCred Capital were the sell side advisor in the Manohar Packagings.
In April, Global private equity firm Warburg Pincus acquired a majority stake in Parksons Packaging. Kedaara Capital, Olza Holdings and IIFL exited the company as part of the transaction.
Earlier in November, Max Ventures & Industries Ltd (MaxVIL), entered into a definitive agreement with its existing Japanese partner, Toppan Inc., in Max Specialty Films Ltd (MSF).