Mondi Group has acquired flexible packaging manufacturer Excelsior Technologies for £33 million.
The packager has bought all of the outstanding shares in Excelsior from funds managed by UK-based investment company Endless LLP, as well as a number of other minority shareholders.
Excelsior produces a range of flexible packaging solutions for the food industry, but is perhaps known best for its pouches and unique packaging technology for microwave steam cooking. It operates two plants in Lancashire and North Wales, which serve customers both in the UK and US.
It generated revenue of £39 million in 2016.
Commenting on the acquisition, Mondi Group chief executive David Hathorn said: “The acquisition of Excelsior supports the development of our consumer packaging business in high-growth product applications. Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering.”
The latest acquisition extends Mondi’s apparent strategy of generating growth through a series of acquisitions throughout Europe.
In July, it acquired Russia’s Uralplastic and Turkey’s Kalenobel – both flexible packaging manufacturers – expanding its business across Europe, Russia and the Middle East.
Speaking at the time, Hathorn said that the acquisitions would help Mondi to ‘broaden its product portfolio and geographic reach’.
In particular, Austrian-based Mondi has focused on high-growth markets like Turkey and Russia, as well as more established economies like the UK.
FoodBev reported yesterday that confidence in the Russian packaging market was rebounding, following a difficult period dominated by political tensions, falling oil prices and a weak Russian rouble.
Developments in major consumption segments are leading to growing demand in the production of plastics, rubber products and packaging in particular, according to the organisers of the trade shows Interplastica and Upakovka.
© FoodBev Media Ltd 2017