Norwegian packaging manufacturer Elopak has announced its acquisition of packaging solutions company Naturepak Beverage Packaging Co.
The company has been bought from Gulf Industrial Group Company and Evergreen Packaging for a cash-free and debt-free price of $96 million (€83 million).
Naturepak Beverage is a distributor of fresh liquid carton and packaging systems in the Middle East and Northern Africa region with local production facilities in Morocco and Saudi Arabia.
The transaction will enable Elopak to expand its global footprint, give it access to new growth markets and support its aim to target 2-3% organic revenue growth.
Thomas Körmendi, chief executive officer of Elopak, said: “This transaction represents an important part of the growth ambitions we outlined to our shareholders during our IPO this year. I am proud to take ownership of what we deem to be one of the highest quality assets in the region and to welcome the employees of Naturepak Beverage to the Elopak family.”
He continued: “By establishing a presence in Morocco and Saudi Arabia we can access important growth markets and deliver Elopak’s brand portfolio to key local and international players. The transaction reflects our strong commitment to growth in the Middle East and Africa.”
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