Advent International, a US-based PE firm, has acquired the entire 40 per cent stake held by Indian PE firm Kedaara Capital Advisors in Bengaluru-based Manjushree Technopack for an undisclosed sum. Advent also acquired a part of founder Vimal Kedia’s stake in the company.

The deal values Manjushree Technopack, which was delisted earlier, at ₹2,300 crore ($330 million). The US-based PE firm had invested in Manjushree Technopack about three years ago, sources close to the development said.

Manjushree Technopack is India’s largest manufacturer of rigid plastic packaging for FMCG and counts brands such as Coca-Cola, PepsiCo, Dabur and Unilever as clients.

The Kedia family will continue to be involved with Manjushree with a minority stake. Vimal Kedia, Manjushree’s founder and managing director, and the rest of the firm’s senior management team will remain closely involved in the business, the companies said in a joint statement.

“During our investment term, the business continuously outgrew the Indian consumer and packaging sector and generated significant value for Kedaara and its investors. It is today positioned to further strengthen its dominance as India’s largest rigid plastics packaging solution provider,” a Kedaara Capital spokesperson said.

Kedaara Capital had made 10 investments since 2014 across verticals, including consumer and consumer derivatives, financial services, industrial and healthcare. Kedaara has expertise in the packaging sector with its investments in Manjushree Technopack and Parksons Packaging.

“Manjushree Technopack is the market leader in an industry with strong growth tailwinds,” said Shweta Jalan, Managing Director and Head of India for Advent International. “The rigid plastic packaging market is expected to expand 15 per cent per year over the next five years, driven by underlying growth in consumer end markets, the continued shift from glass and paper to plastic packaging and the introduction of new products.”

Advent International has been investing in India for 11 years and the transaction is its fifth investment in India in three years and third investment in the consumer packaging sector globally in two years.

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