Asia Pacific-focused private equity firm PAG, on Monday, announced that it has signed agreements to acquire stakes in Manjushree Technopack. The firm has also acquired majority stakes in pharma focused packaging company Pravesha Industries.
While PAG did not disclose valuation details, sources indicate that Manjushree Technopack has been valued at $1 billion, while Pravesha Industries is valued at $200 million.
Advent International-backed Manjushree Technopack, which previously shelved plans for an IPO, has opted for this deal with PAG.
Manjushree serves a diverse customer base across various consumer end-markets, including home care, personal care, food and beverages, paints, nutraceuticals, agrochemicals, liquor and spirits and dairy.
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Pravesha Industries is a leading pharmaceutical packaging company, producing over 15,000 metric tonne of plastic bottles, closures and drums annually, along with more than 2 billion units of cartons, labels and leaflets. Around 95% of its products are exported to developed markets, including the US and Europe, making it a key supplier to global pharmaceutical giants.
Nikhil Srivastava, partner & managing director, head of India Private Equity at PAG said: “India’s packaging sector has been one of our focuses, given its exposure to key themes driven by India’s domestic manufacturing, consumer and industrial sectors, particularly the strength of the country’s pharma export industry, leading to an expected double digit industry growth over the next decade and beyond.”
“Pravesha has established long-term relationships with some of the world’s leading pharmaceutical companies and has become a partner of choice due to its diverse product offerings, superior quality and services, and innovative solutions,” Srivastava said, adding that the company believe Pravesha will be a significant and valuable part of the investments in the packaging sector, and it is eager to drive the company’s growth organically and inorganically in the future.
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Bomma Sivaprasad Reddy, outgoing director at Pravesha, said: “Our journey with Pravesha has been remarkable, establishing it as a prominent player in the pharmaceutical packaging industry in India. Today, Pravesha is a trusted partner for leading pharmaceutical companies, thanks to its unwavering focus on innovation, customer service, and agility. As we embark on the next phase of growth,
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