Advent International to tap capital markets with Manjushree TechnoPack listing
Advent International plans to tap the capital markets to list portfolio company Manjushree Technopack Ltd, India's largest rigid plastic packaging solution provider, said people aware of the development. A successful listing will help monetise a part of Advent's six-year investment in the entity that counts brands such as Coke, Pepsi and Bisleri among its customers.
The private equity group has hired JM Financial, ICICI Securities, Avendus Capital and Goldman Sachs to manage the IPO. It had hired Avendus and Goldman Sachs earlier this December to find potential buyers for Manjushree.
After initial discussions, several global buyout funds decided not to pursue the deal due to Manjushree's high exposure toward the plastic segment, said one among the sources.
Advent acquired Manjushree Technopack in 2018, after trumping Bangkok-based SCG Packaging in the final negotiations. The private equity firm had acquired the entire 40% stake held by Kedaara Capital in a deal that valued India's largest polyethylene terephthalate (PET) manufacturer at ₹2,300 crore. It also acquired the remaining stake from the promoter family and changed the management team. Presently, Advent holds 97% stake in Manjushree while 3% is held by other public shareholders. An Advent spokesperson declined to comment.
Recent Acquisitions
Established in 1978 by Vimal Kedia and Surendra Kedia, Manjushree manufactures jars and bottles, multilayer containers, PET hot-fillable bottles, and pre-forms for use in the food, beverage, pharmaceutical,
