Warburg Pincus-owned Parksons Packaging has acquired Manohar Packaging, a Mumbai-based specialist in alcobev packaging. The company, founded in 1994, is one of India’s top producers of carton packaging and the industry leader in the alcoholic beverages segment.
The deal was signed in the range of Rs 200-250 crore, said people in the know. The combined entity will have revenue of around Rs 1,500 crore in FY22.
After the transaction, Aditya Patwardhan, CEO, Manohar Packaging, will continue to be a part of the management team, said the company statement. At two manufacturing facilities across India, Manohar Packaging has the capacity to convert more than 100 million sheets annually.
Parksons has a pan-India footprint through its six manufacturing plants. These are located at Daman, Chakan, Pantnagar, Guwahati and Sricity. It will expand presence in Goa and Punjab through the latest buyout. Parksons now has the capacity to convert more than 1,25,000 MT of paper board annually.
“Manohar’s depth of services and domain expertise strengthens our offerings in the Food & Beverage segment and increases our footprint in North and West India,” said Siddharth Kejriwal, Managing Director, Parksons Packaging.
“This is an outstanding opportunity to continue our growth journey as part of Parksons and build the country’s leading folding carton manufacturer,” said Aditya Patwardhan, CEO, Manohar Packaging.
In April, private equity fund Warburg Pincus acquired 80% stake in Parksons Packaging Limited, India’s largest independent folding carton manufacturer, at a valuation of Rs2,300 crore.