Swedish packaging manufacturer Duni has acquired a 75% stake in Australia-based sustainable packaging producer BioPak for SEK 410 million ($45.7 million).
BioPak creates sustainable packaging such as cups, plates and trays made from fibres, cardboard and bioplastics for food service industry clients in Australia and New Zealand.
BioPak’s three subsidiaries will be incorporated into Duni’s Business Area New Markets division, though BioPak itself will remain as a separate entity and operate as an independent unit.
The agreement includes a supplementary payment of approximately SEK 24 million ($2.7 million) for an additional 5% of BioPak’s shares after two years, and an option to acquire the remaining 20% after five years.
Johan Sundelin, CEO of Duni said: “We have admired BioPak’s consistent promise to provide sustainable products to the foodservice industry, and are now looking forward to collaborating with Gary, Richard and their fantastic team in our common mission.
“This acquisition perfectly meets our strategic ambitions of growing in sustainable packaging and in building a stronger business in the APAC region.”
“BioPak is on a significant growth journey, and we look forward to partnering with Duni to grow both within and outside of the APAC region.
Gary Smith, CEO BioPak Pty added: “Duni shares BioPak’s key values regarding sustainability and customer prioritization, which will allow for a fruitful partnership in coming years.”
The acquisition is the latest move into sustainable packaging by Duni, which acquired a majority stake in UK-based sustainable packaging manufacturer Biopac in February.
© FoodBev Media Ltd 2021
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