PE Fund Investments
PAG to acquire packaging solutions co. Manjushree from Advent for $1-B: report
Asia-focused private equity fund PAG is to acquire Bengaluru-based Manjushree Technopack Ltd, majority owned by existing PE investor Advent International, at a valuation of USD 1 Billion.Established in 1978 by Vimal Kedia and Surendra Kedia, Manjushree is India’s largest rigid plastic packaging solution provider. It manufactures jars and bottles, multilayer containers, PET hot-fillable bottles, and pre-forms for use in the food, beverage, pharmaceutical, cosmetic, agricultural chemicals, and allied sectors. With an installed capacity of more than 1,90,000 tonnes per annum, it claims to serve about 110,000 clients through its 20 manufacturing facilities across the country. Manjushree reported a revenue of INR 2,130 crore (USD 252 million) in FY24.In 2018, Advent had acquired the entire 40% stake held by Kedaara Capital in a deal that valued the firm at INR 2,300 crore. It also acquired the remaining stake from the promoter family and changed the management team taking its stake to 97%.
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