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Advent International backed Manjushree Technopack (MTL), a rigid plastics packaging company, has acquired National Plastics (NAPLA), a company which makes dispenser and spray systems.
This is the first acquisition since Advent acquired majority stake in MTL after its strong presence in rigid plastics packaging, the company now makes foray into a new adjacent category. Through this deal MTL will expand its offerings to clients, by adding adjacent categories like dispensers and sprayers to its existing product portfolio –containers and preforms.
The acquisition is expected to contribute 4-5 per cent of the overall revenue for MTL over the next five years. In 2016, MTL had acquired Delhi-based rigid packaging firm, Varahi Polymers.
According to MTL’s estimates, the value of the dispenser market in India is expected to double from $50 million in FY19 to $100 million by 2023.
Announcing the acquisition, Sanjay Kapote, CEO, MTL said, “We see significant opportunities in the spraying and dispenser market. NAPLA’s market leadership in the dispenser and spray systems will help MTL expand its product offerings to existing customers as well as enter new markets in South Asia. We will invest in R&D and new business development to bolster NAPLA’s growth.”
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