Mumbai-based Paper packaging company Parksons Packaging has acquired MK Printpack for an undisclosed sum. MK Printpack is a producer of folding cartons catering to pharmaceuticals, food and beverages, home and personal care, toys and the electrical industry.
Post-acquisition, the existing founders of MK Printpack, Anil Kumar and Sanjeev Kumar, along with the senior leadership, will continue to operate the company.
The company, which was founded in 1982, has three manufacturing facilities in Gujarat, Daman, and Haridwar.
The acquisition announcement comes 16 months after it acquired Manohar Packaging, a producer of folding cartons in the Alcoholic Beverages segment, which has helped increase domain expertise and depth of services in this segment.
Parksons Packaging (including its subsidiaries) now has eleven manufacturing facilities across Daman, Chakan, Pantnagar, Guwahati, SriCity, Goa, Punjab, Haridwar, and Gujarat.
Siddharth Kejriwal, MD, Parksons Packaging, said, “We are thrilled to welcome MK Printpack to the Parksons family. We look forward to leveraging MK Printpack’s expertise in manufacturing high-quality micro flute cartons by using its large-format printing capability and strategically located manufacturing facilities in Haridwar and Gujarat along with the pharma packaging-focused facility in Daman. This acquisition will provide more value to our customers and enhance our ability to serve clients efficiently across the country, giving us access to new growth opportunities.”
MK Printpack’s innovative packaging solutions and technical expertise in fluted packaging will augment Parksons’ product portfolio, and MK’s strategically located manufacturing facilities will help Parksons expand its geographic footprint.
Anil Kumar and Sanjeev Kumar of MK Printpack, said, “This is an excellent opportunity for us to accelerate our growth journey as part of Parksons Packaging, which Warburg Pincus backs. This association will allow us to serve our customers better with a wider range of products and a pan-India presence. We look forward to a long-term association with Parksons.”
Source @Indianstartupnews
