Plastic packaging material maker Manjushree Technopack Ltd (MTL), backed by US private equity firm Advent International, said it will acquire a majority stake in Classy Kontainers. The company did not disclosre the financial details of the transaction.

The Bengaluru-based firm will take over commercial operations and manufacturing facilites, and the deal is subject to customary closing consditions and regulatory approvals.
MTL was advised by Khaitan & Co and Classy Kontainers by Cyril Amarchand Mangaldas and Unaprime Investment Advisors on this deal.

MTL has sealed other deals in the past. In September 2020, it acquired New-Delhi based Pearl Polymers, which gave them access to four of the firm’s production units.
In a similar deal, MTL acquired a majority stake in Amritsar-based National Plastics. It also acquired Varahi Polymers in 2016 to establish a footprint in the north.

Incorporated in 1987, MTL provides packaging solutions, manufactures and sells plastic preforms, containers, and blow film. The company has an overall capacity of about 14,000 tonnes per annum.

It caters to packaging requirements of FMCG, pharma, and liquor companies and counts Coca-Cola, PepsiCo, Cadbury, GlaxoSmithKline, P&G, Nestle, Heinz, Unilever, Tata Tea, Marico, United Spirits, and Diageo as its key clients
Unaprime was the excluisve sell side advisors on this transaction.

Sanjay Kapote, CEO, MTL, commented: “The acquisition is in line with our aggressive, inorganic growth and business diversification plans. It allow us to consolidate our position as leaders in the rigid packaging sector and diversify our presence into new rigid packaging market segments — paints, adhesives, and specialty chemicals space”