The updated release reads:
IPACKCHEM TO ACQUIRE AND PARTNER WITH MULLACKAL
Transaction further strengthens IPACKCHEM’s global position by establishing a footprint in India
IPACKCHEM Group (“IPACKCHEM”) today announced it has signed a definitive agreement to partner with Mullackal Polymers Private Limited (“Mullackal”), a leading crop protection packaging provider in India, via an acquisition of the business.
Founded in 1987 by JP Morvan, IPACKCHEM is a leading global supplier of innovative and specialized barrier packaging solutions serving the crop protection and specialty chemicals end markets. IPACKCHEM’s leading market positions are further underscored by its strong sustainability orientation and 100% recyclable plastic barrier packaging. It currently has facilities across Europe, the UK, Russia, China, Brazil and South Africa.
With three facilities in Western India, Mullackal is a manufacturer of premium HDPE and barrier plastic containers, caps and measuring cups for India’s crop protection and specialty chemical industry. Founded in 1976 by P.K.N. Pillai, Mullackal pioneered plastic barrier manufacturing technology in India and today serves the largest multinational crop protection players with a presence in India. The partnership with Mullackal will allow IPACKCHEM to establish a strong presence in India’s large and high-growth market and position it for future expansion in the country.
JP Morvan, CEO of IPACKCHEM, commented, “We are extremely excited to partner with Ramesh and Karthik Pillai, who have built a high-quality and innovative business, and we look forward to accelerating Mullackal’s growth under IPACKCHEM ownership. By leveraging IPACKCHEM’s sustainable barrier technology, Mullackal will be uniquely positioned to provide high-quality recyclable packaging for customers in India. Similarly, we expect to leverage Mullackal’s proprietary caps technology (CRTESS) across IPACKCHEM’s existing product portfolio. This transaction is core to our strategy of being the leading global barrier packaging player serving crop protection and specialty chemicals customers. We will continue to aggressively pursue acquisitions in new geographies, including North America, to fully mirror our clients’ global footprint.”
Mullackal owner and Managing Director Ramesh Pillai said, “IPACKCHEM is the perfect partner for Mullackal and we are excited to continue providing best-in-class packaging to India’s leading crop protection players with the added benefit of IPACKCHEM’s resources and industry relationships. Karthik and I will continue to lead Mullackal and look forward to working with JP and his team to bring their innovative solutions to the Indian market and grow our presence in India.”
In partnership with SK Capital Partners, IPACKCHEM is continuing its international expansion to better support its multinational customers globally, leveraging its unique industrial know-how and strong commitment to sustainability. SK Capital, which acquired IPACKCHEM earlier this year, is a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors with more than $5 billion of assets under management and a global portfolio of businesses generating approximately $11 billion of revenues annually.
The transaction is expected to close towards the end of 2021. KPMG acted as exclusive M&A advisor and CK Juris and Pioneer Legal acted as legal counsel to IPACKCHEM. EY acted as exclusive M&A advisor and Lumiere Law Partners acted as legal counsel to Mullackal.
Headquartered in Paris, France, IPACKCHEM is a leading global manufacturer of innovative plastic packaging products (containers, bottles, jerrycans) for the crop protection and specialty chemicals end markets. The Company’s UN-approved packaging solutions enable users to safely transport and distribute “hard-to-hold” and hazardous chemicals, while adhering to stringent regulations. IPACKCHEM currently operates through 8 production facilities, employs ~850 people and serves ~1,200 customers in 35 countries. IPACKCHEM carries an Ecovadis Gold rating. For more information, please visit www.ipackchem.com.