AFRICA – Sub-Saharan private equity investor, Phatisa, has acquired a significant minority stake in MHL International Holdings Limited (“MHL”), a printing and packaging provider with strong exposure to the food and beverage sector.
MHL is a subsidiary of The Manipal Group, an India-based conglomerate with interests in printing and technology, which operates in Sub-Saharan Africa through subsidiaries in Kenya and Nigeria.
Manipal’s range of products cut across flexible packaging and self-adhesive labels and support a wide variety of industries, including the food, beverage and agriculture sectors.
The investment will mostly be used as expansion capital and is the fifth investment in Phatisa Food Fund 2.
Wilfrid Korsaga, Partner at Phatisa, said: “In partnership with The Manipal Group, our expansion capital aims to support the consolidation of MHL’s current market position, whilst facilitating product and geographic expansion to serve the growing printing and packaging sector in Africa.
“As an active impact shareholder, Phatisa will also help MHL strengthen its corporate governance and operating processes, promoting key initiatives to enhance the business’ sustainability and reducing its environmental impact, through better recycling and circularity initiatives.”
MHL plays a pivotal role in the East and West African region, producing a wide variety of self-adhesive labels, shrink sleeves, and printed and packaging materials, particularly into the food, beverage, and agriculture markets.
Its packaging solutions preserve product quality and shelf-life (for consumers), whilst MHL’s in-house R&D team work closely with corporate customers to provide innovative solutions to protect their brands from counterfeit labels.
Pritam Choudhury, MD and CEO of MHL, said: “MHL is the only press in Africa which can provide composite packaging solutions for brand protection – thereby enhancing our customers’ products and end-user confidence.
“This growth capital enables us to continue developing the technology and processes we use to improve product security and longevity – particularly in the food and beverage value chain.
“Plus, expand our services into new markets. The management team and I are excited to welcome Phatisa as an investor and to our board of directors, and look forward to the next stage of growth for Manipal.”
Founded in 1941, The Manipal Group employs over 7,000 people spread across four continents and seven countries across the globe.
Eugene Stals, Phatisa Chief Investment Officer, concluded: “Phatisa is committed to partnering with ambitious management teams to grow inclusive businesses, that at the same time actively address sustainable development and societal challenges.”
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