Advent acquires Manjushree Technopack

Global private equity investor Advent International has acquired Manjushree Technopack Ltd., India's largest rigid plastic packaging solution provider. As part of the transaction, Advent purchased all the shares owned by existing investor Kedaara Capital and a portion of the promoters Kedia family's stake in Manjushree Technopack. Domestic PE firm Kedaara Capital holds about 40 per cent in Manjushree. Manjushree's Founder and Managing Director, Vimal Kedia, and the rest of the company's senior management team will remain with the company. Manjushree Technopack serves a wide range of FMCG vertical markets, including home care and personal care products, food and beverages, pharmaceuticals, dairy and edible oil. This deal would be the second largest buyout in Indian packaging industry after Finnish firm Huhtamaki Oyj acquired Mumbai-based Positive Packaging in 2014 for $336 million in the largest foreign buyouts in Indian packaging space. The transaction is Advent's fifth investment in India in three years. Including Manjushree, Advent has invested approximately Rs 6000 crore (approx. $816 million) in seven Indian companies. Recent investments include Dixcy Textiles, ASK Group, QuEST, a global engineering solutions provider; and Crompton Greaves Consumer Electricals.