Warburg Pincus-owned Parksons Packaging has acquired a 100 percent stake in Mumbai-based Manohar Packaging, folding carton manufacturer with a strong foothold in the premium segments of alcoholic beverages and confectionery. The acquisition will help Parksons Packaging strengthen its pan-India footprint.
‘The deal was signed in the range of 200-250 crore INR, said people in the know. The combined entity will have revenue of around 1,500 crore INR in FY22,’ Economic Times reported in an article.
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.
Parksons Packaging has six manufacturing plants located across Daman, Chakan, Pantnagar, Guwahati, and Sricity combined with Manohar’s presence in Goa and Punjab, which will further enhance the combined company’s reach and serve customers effectively across the country.
Siddharth Kejriwal, managing director, Parksons Packaging, 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.’