Global private equity investor Advent International has made an investment to purchase the minority stake owned by Kedaara Capital in Indian rigid plastic packaging firm Manjushree Technopack.

The deal includes the acquisition of all the shares owned by Kedaara Capital and a portion of the Kedia family’s stake in Manjushree Technopack. Terms of the deal were not disclosed.

With this deal, Advent has invested approximately $1bn in seven companies in India.

Advent International India head and managing director Shweta Jalan said: “Manjushree Technopack is the market leader in an industry with strong growth tailwinds.

“The rigid plastic packaging market is expected to expand 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.”

According to Advent International director Pankaj Patwari, the company aims to accelerate Manjushree’s growth by investing in new business development, expanding into adjacent geographies, segments and business lines, as well as acquiring other packaging companies.

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“With the Indian rigid packaging industry expected to double over the next few years, we will look to further strengthen our foothold.”

Manjushree Technopack founder and managing director Vimal Kedia along with the company’s senior management team will continue to lead the company following the completion of the transaction.

Kedia said: “With the Indian rigid packaging industry expected to double 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.”

Manjushree produces rigid plastic packaging solutions to companies across a wide range of FMCG vertical markets such as home care and personal care products, food and beverages, pharmaceuticals, dairy and edible oil.