Global paper and packaging firm Mondi Group has purchased UK-based Excelsior Technologies from funds managed by Endless and certain other minority shareholders.
The debt and cash-free deal includes a total consideration of £33m.
Operating two plants in Deeside and Nelson in the UK, Excelsior currently manufactures innovative flexible packaging solutions, mainly for food applications.
The company, which provides packaging technology for microwave steam cooking, serves both local and US customers.
Mondi Group chief executive David Hathorn said: “The acquisition of Excelsior supports the development of our Consumer Packaging business in high growth product applications.
“Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering.”
The company currently employs around 25,000 people across various regions, which include central Europe, Russia, North America and South Africa.
With a portfolio of more than 100 packaging and paper products, Mondi offers customised solutions to various end consumers and industrial end users.
Last month, the company announced a plan to invest in Mondi Simet plant, located near Poznan, Poland, to improve its heavy-duty corrugated capabilities in Europe.
As part of the plan, a 2.8m corrugator with three single facers will be installed.
In addition, Mondi will install a 2.40m box maker with a stitching unit, which will be used for heavy-duty conversions, at the plant.
The box maker's installation will enable the company to produce boards up to 6m in length.