
Advent invests in India's Manjushree Technopack, Kedaara exits
Advent International has made an investment of undisclosed size in Indian packaging industry supplier Manjushree Technopack. It facilitates an exit for Kedaara Capital.
The deal sees Advent acquiring all the shares owned by Kedaara and a portion of a stake held by the company’s founding family. According to AVCJ Research, Kedaara took a 24% stake alongside fellow investor Ladoga Holdings in a 2015 deal worth about $23 million.
Manjushree is said to be India’s leading manufacturer of rigid plastic packaging for the domestic fast-moving consumer goods industry. Focus verticals include home care and personal care products, food & beverage, pharmaceuticals, dairy, and edible oil.
“We see significant opportunities to accelerate Manjushree’s growth by investing in innovation and new business development, expanding into adjacent geographies, segments and business lines, and acquiring other packaging companies,” Pankaj Patwari, a director at Advent, said in a statement.
Shweta Jalan, managing director and head of India for Advent, added that the rigid plastic packaging market is expected to expand 15% a year over the next five years. This will be driven by underlying growth in consumer end-markets, a shift from glass and paper to plastic packaging, and the introduction of new products.
Kedaara claims that Manjushree continuously outpaced growth in the Indian consumer and packaging sector during its holding period and generated significant value for its investors. The GP added that the company benefited from a high-quality management team in a fragmented industry, and that it was positioned to consolidate its market dominance.
Advent has been investing in India for 11 years and opened a Mumbai office in 2009. The Manjushree transaction is its fifth investment in the country in three years and its third in the consumer packaging sector globally in less than two years.
Including Manjushree, investments in the country amount to almost $1 billion, including clothing company Dixcy Textiles, financial services provider ASK Group, and a consumer products unit of Compton Greaves.
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