France-based barrier packaging provider IPACKCHEM has agreed to acquire Mullackal Polymers, an Indian provider of crop protection packaging.
Mullackal specialises in manufacturing high-density polyethylene (HDPE) and barrier plastic containers, caps and measuring cups for crop protection and the speciality chemical industry.
The company operates three facilities in India’s western region.
IPACKCHEM intends to expand into India’s large, high-growth market through its partnership with Mullackal.
The transaction is expected to close towards the end of this year. The financial terms have not been disclosed.
IPACKCHEM CEO JP Morvan said: “We are extremely excited to partner with Reams and Parthia Pillai, who have built a high-quality and innovative business, and we look forward to accelerating Mullackal’s growth under IPACKCHEM ownership.
“By leveraging IPACKCHEM’s sustainable barrier technology, Mullackal will be uniquely positioned to provide high-quality recyclable packaging for customers in India.
“Similarly, we expect to leverage Mullackal’s proprietary caps technology (CRTESS) across IPACKCHEM’s existing product portfolio.
“This transaction is core to our strategy of being the leading global barrier packaging player serving crop protection and specialty chemicals customers.”
Mullackal owner and managing director Ramesh Pillai said: “IPACKCHEM is the perfect partner for Mullackal and we are excited to continue providing best-in-class packaging to India’s leading crop protection players with the added benefit of IPACKCHEM’s resources and industry relationships.”
KPMG is serving as IPACKCHEM’s exclusive mergers and acquisitions (M&A) advisor for the deal.
IPACKCHEM supplies advanced and specialised barrier packaging solutions for the crop protection and speciality chemical end markets.
Based in Paris, France, the company operates a network of facilities in Europe, the UK, Russia, China, Brazil and South Africa.
IPACKCHEM aims to expand through acquisitions in new regions, including North America.
In April, the company was bought by private investment firm SK Capital Partners.