Advent International exploring strategic options for Manjushree Technopak; eyeing up to $1bn valuation
Leading global private equity investor Advent International, which is spearheaded by Shweta Jalan in India is exploring strategic options to unlock value in India’s largest rigid plastic packaging firm Manjushree Technopak, multiple industry sources with knowledge of the matter told Moneycontrol. “Advent International recently invited pitches from a clutch of foreign and domestic investment banks to pick an advisor and explore an exit by selling a controlling stake in portfolio company Manjushree Technopak,” one of the persons above told Moneycontrol.
“They entered the firm more than five years back and are now looking to clock returns. An advisor should be finalized soon,” a second person elaborated. Two other persons confirmed the above divestment plans.
A fifth person told Moneycontrol that Advent is also simultaneously exploring the possibility of an IPO for Manjushree Technopak and added that both sale and listing options are on the table currently. “Advent is expecting a valuation of up to a billion dollars for the entire firm. They own over 98 per cent,” the fifth person added.
In October 2018, Advent invested in market leader Manjushree Technopack in partnership with the founding Kedia family. As part of the transaction, Advent purchased all the shares owned by investor Kedaara Capital and a portion of the Kedia family’s stake in Manjushree Technopack.
