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Italian packaging firm Guala Closures has signed a definitive agreement to acquire Karnataka-based Axiom Propack.
The deal is slated to close within three months subject to necessary approvals.
The acquisition is expected to help the Italian company fortify its position in its core business vertical — protection against products’ counterfeiting — in the Indian market, the company said in a statement.
“With this acquisition we aim to reinforce our position in the area and to increase our capacity in order to properly answer to the growing demand of protection against products’ counterfeiting,” said Marco Giovannini Chairman and CEO, Guala Closures Group.
Karnataka-based Axiom Propack manufactures hi-tech safety closures that are tamper evident, non-refillable and leak-proof mainly catering to the alcoholic beverage industry.
Mumbai-based investment banking firm Singhi Advisors and Walter Advisors were advisors to the deal for Axiom Propack, while Cross Border M&A, KPMG and TTA Advocates represented Guala Closures.
With revenues of €500 million, Guala Closures is into production of safety, roll on and luxury closures for spirits, wine, oil and vinegar, water and beverages and pharmaceuticals.
The company has sold more than 14 billion closures sold across 100 countries.
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