Business daily Mint reported that the deal valued Manjushree at Rs 2,400 crores. Manjushree Technopack reported a turnover of Rs 890 crore in 2017-18.

“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 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.”

Manjushree’s founder and managing director, Vimal Kedia, said, “We appreciate the support we’ve received from Kedaara over the past three years in promoting new business development, strengthening the management team, streamlining sales management processes and driving geographic expansion to build a pan-India presence. Now, we look forward to partnering with Advent, a leading global investor with strong knowledge of the Indian market and experience in the consumer packaging sector. With the Indian rigid packaging industry expected to double over the next few years, we will look to further strengthen our foothold. Through our new partnership, we will focus on consolidating our leadership position and taking the company to new growth levels.”

Pankaj Patwari, a Director at Advent International, added: “We see significant opportunities to accelerate Manjushree’s growth by investing in innovation and new business development, expanding into adjacent geographies, segments and business lines, and acquiring other packaging companies.”