JSE-listed Mondi Group has acquired 100% of the outstanding share capital of Excelsior Technologies (a vertically integrated producer of innovative flexible packaging solutions) from funds managed by Endless LLP and certain other minority shareholders, for a total consideration of £33 million, on a debt and cash- free basis.
David Hathorn (pictured), CEO of Mondi Group, said of the acquisition:
"The acquisition of Excelsior supports the development of our Consumer Packaging business in high growth product applications. Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering."
For the year ended 31 December 2016, Excelsior generated revenues of £39 millio.
