Shriji Polymers (India) acquired a majority stake in rigid plastic packaging manufacturer Parekhplast India on Wednesday for an undisclosed sum.
According to industry sources, Parekhplast India is worth more than Rs 200 crore (approximately $24 million). They also stated that the most recent deals in the plastics sector have been closed at nearly the same valuation as their toplines.
The stake acquisition will enable Creador-backed Shriji Polymers to expand its presence in the rigid plastic packaging space and diversify its vertical portfolio, as Parekhplast’s portfolio includes clients from a variety of industries, including paints, construction chemicals, FMCG, pharma, and nutraceuticals.
Shriji Polymers, headquartered in Ujjain, is a publicly traded company that manufactures pharmaceutical plastic packaging products. Creador, a private equity firm, emerged as the frontrunner in May 2020 to acquire a minority stake in Shriji Polymers to buy about 20 per cent of the company. This included Tata Capital Healthcare Fund’s previous 13 per cent stake as well as a primary capital infusion, valuing the company at around Rs 1,200 crore.
In July of this year, packaging firm Manjushree Technopack Limited (MTL), backed by US private equity firm Advent International, acquired a 100 per cent stake in Bengaluru-based Hitesh Plastics through a slump sale.
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