Advent International invests in Manjushree Technopack
Private equity investors Advent has invested in Manjushree Technopack Ltd., India’s largest rigid plastic packaging solution provider, in partnership with the founding Kedia family. As part of the transaction, Advent purchased all the shares owned by Kedaara Capital and a portion of the Kedia family’s stake in Manjushree Technopack.
Manjushree’s Founder and Managing Director, Vimal Kedia, and the rest of the company’s senior management team will remain closely involved in the business. Financial terms of the transaction were not disclosed.
Manjushree Technopack is the No. 1 manufacturer of rigid plastic packaging for the fast-moving consumer goods (FMCG) industry in India. With world-class facilities and technologies, the Bengaluru-based company serves a wide range of FMCG vertical markets, including home care and personal care products, food and beverages, pharmaceuticals, dairy and edible oil.
Advent International has been investing in India for 11 years and opened a Mumbai office in 2009. The transaction is Advent’s fifth investment in India in three years and third investment in the consumer packaging sector globally in less than two years. Including Manjushree, Advent has invested approximately 60 billion rupees (nearly US$1 billion) in seven companies with headquarters or operations in India.
Advent also has significant experience in the industrial sector, including recent investments in two other consumer packaging businesses: Færch Plast, a Danish producer of rigid plastic packaging for the food industry, and Fort Dearborn, a leading North American supplier of high-impact decorative labels for the consumer goods marketplace.
Kedaara Capital is an operationally oriented private equity firm pursuing control and minority investment opportunities in India. The firm has made 10 investments since 2014 across diversified verticals, including consumer and consumer derivatives, financial services, industrial and healthcare. Kedaara has strong expertise in the packaging sector with its investments in Manjushree Technopack and Parksons Packaging.
