India-based folding carton manufacturer Parksons Packaging has purchased Manohar Packaging, a company that produces paper board packaging for alcoholic beverages and confectionery.
Manohar Packaging operates through two ‘advanced’ manufacturing facilities, which have the capacity to convert more than 100 million sheets a year.
The financial terms of the transaction have not been disclosed, but it is thought to be worth between Rs2bn ($26.6m) and Rs2.5bn ($33.3m).
Parksons Packaging managing director Siddharth Kejriwal said: “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 and beverage segment and increases our footprint in North and West India.”
Parksons has a diversified product portfolio and serves more than 300 customers across the consumer, food, pharmaceutical and other end-markets.
The company has six manufacturing facilities located in the Indian cities of Daman, Chakan, Pantnagar, Guwahati and Sricity.
By acquiring Manohar Packaging, Parksons will have a presence in Goa and Punjab and a total of eight factories.
The acquisition will also increase the company’s total converting capacity to almost 150,000t a year.
Following the transaction, Manohar Packaging CEO Aditya Patwardhan will remain at the company as part of its management team.
Patwardhan said: “This is an outstanding opportunity to continue our growth journey as part of Parksons and build the country’s leading folding carton manufacturer.
“Based on Parksons’ values, core capabilities, excellent brand reputation and backing by Warburg Pincus, it’s a natural fit that reinforces our long-term vision and relationships with customers.”
In April, private equity firm Warburg Pincus acquired a majority stake in Parksons Packaging through its Green Fin Investments affiliate.
The deal was reported to be worth between $293.2m and $306.5m.