NEW DELHI: PAG, a Hong Kong based alternative investment firm, has reportedly bought a majority stake in Bengaluru-based rigid plastic packaging player Manjushree Technopack from US private equity firm Advent International, according to foreign media reports. The deal has been signed for an enterprise value of close to $1 billion.
Advent invested in Manjushree Technopack in 2018. The US-based PE fund was looking for an exit from the company through an initial public offer. But now with PAG picking up a majority stake in Manjushree, the future of the IPO looks bleak. Manjushree had filed its Rs 3,000 crore IPO application to the Securities and Exchange Board of India (SEBI) in August.
Founded in 1983, Manjushree has 21 locations across India, with its headquarters in Bengaluru, according to Advent’s website.
It is India’s largest rigid plastic packaging company, with 23 manufacturing plants and more than 50 patents and designs.
PAG is an alternative investment firm focused on APAC with three core strategies: Credit & Markets, Private Equity, and Real Assets. It has deployed over $1.7 billion out of its private equity funds in India since setting up a local office in 2019.
It has more than 370 investment professionals in 15 key offices globally, and over $55 billion in assets under management.
Manjushree IPO unlikely
Advent invested in Manjushree in 2018. The US-based PE fund was looking for an exit from the company via IPO. Now with PAG picking up a stake in Manjushree, future of the IPO looks bleak.