INDIA – Alternative investment firm PAG has acquired a majority interest in Pravesha Industries, a pharmaceutical packaging company, at an enterprise value of US$200 million.
This acquisition aligns with PAG’s strategy to capitalize on the growing export demand driving India’s pharmaceutical packaging sector.
Founded in 1999, Pravesha Industries operates four manufacturing facilities in India, employing over 1,950 people.
The company produces more than 15,000 tonnes of plastic bottles, closures, and drums annually, alongside two billion units of cartons, labels, and leaflets. Approximately 95% of its products are exported to developed markets, including the US and Europe.
This acquisition follows PAG’s recent US$1 billion purchase of a majority stake in Manjushree Technopack, a rigid plastic packaging company serving diverse consumer markets such as home care, personal care, and food and beverages.
These consecutive investments underscore PAG’s confidence in India’s packaging sector, driven by robust growth in domestic manufacturing, exports, and consumer demand.
Nikhil Srivastava, PAG Partner and India Private Equity Head, stated, “India’s packaging sector is a key focus for us, given its exposure to domestic manufacturing and the strength of the country’s pharma export industry, which is expected to witness double-digit growth over the next decade and beyond.”
Globally, PAG manages US$55 billion in assets, with US$19 billion allocated to private equity in the Asia-Pacific region.
Since 2020, the firm has invested US$1.5 billion across seven transactions in India, including stakes in Nuvama Wealth Management, Sekhmet Pharmaventures, and Acme Formulations.
Brook + Whittle acquires Stouse
In a parallel development, Brook + Whittle, a leading provider of sustainable packaging solutions, has acquired Stouse, a manufacturer of decals, labels, and promotional printed products.
Stouse will integrate into Brook + Whittle’s Sprink Division, joining Discount Labels, another label manufacturer within the division.
Stouse’s operations will remain independent, but its production facility will be incorporated into the Sprink Division’s network.
This integration aims to enhance manufacturing speed, capacity, and reliability, ensuring improved service for customers.
Brook + Whittle operates 15 facilities across the US, specializing in pressure-sensitive labels, shrink sleeves, flexible packaging, and heat transfer labels.
The company sees the acquisition of Stouse as a significant milestone in expanding its capabilities and product offerings.
Bill Wood, Executive Vice President of the Sprink Division, commented, “This acquisition enhances our ability to provide customers with an unmatched range of products and solutions delivered with speed and quality.”
This move follows Brook + Whittle’s acquisition of PouchIt, a flexible packaging manufacturer specializing in short-run pouches and roll stock films, in February last year.
Based in Atlanta, Georgia, PouchIt strengthens Brook + Whittle’s presence in the flexible packaging market.
Both acquisitions highlight the continued momentum in the packaging industry, with a clear focus on sustainability and innovation to meet evolving market demands.
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