US private equity firm Advent International has reached an agreement to sell Indian packaging giant Manjushree Technopack to Hong Kong-based investment firm PAG for an enterprise value nearing $1bn, according to a report by Reuters.
The reports cites unnamed sources with direct knowledge of the matter as saying that Advent, which acquired Manjushree in 2018, had initially been preparing for an initial public offering (IPO), with Manjushree filling its IPO application with the Securities and Exchange Board of India (SEBI) in August, aiming to raise NIR30bn (approximately $355.5m). However, with the sale agreement now in place, Advent will withdraw the IPO application, the sources said.
Representatives for Manjushree did not immediately respond to requests for comment, while Advent and PAG declined to comment.
Founded in 1983 and headquartered in Bengaluru, Manjushree Technopack is India’s largest rigid plastic packaging company. It operates 23 manufacturing plants, holds over 50 patents and designs, and has a presence in 21 locations across India, according to Advent’s website.
The acquisition marks another significant move by PAG, which has invested more than $1.7bn in India since establishing its local office in 2019.
