Mondi Group said it has acquired 100% shares of Excelsior Technologies from funds managed by Endless LLP.
In an email statement also circulated to the JSE, Mondi Group said the owners of Excelsior Technologies were also comprised of certain minority shareholders.
The company said the acquisition was agreed for a total consideration of £33 million (€38 million), via debt and cash-
Excelsior is a vertically-integrated producer of innovative flexible packaging solutions, mainly for food applications, with a unique packaging technology for microwave steam cooking.
With two plants, located in Deeside (Northern Wales, UK) and Nelson (Lancashire, UK) the Company serves both domestic and US customers. For the year ended 31 December 2016, Excelsior generated revenues of £39 million (€47 million).
Commenting on the acquisition, David Hathorn, Chief executive of Mondi Group, said: “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”.
Mondi is an international packaging and paper Group, employing around 25,000 people across more than 30 countries. Our key operations are located in central Europe, Russia, North America and South Africa. We offer over 100 packaging and paper products, customised into more than 100,000 different solutions for customers, end consumers and industrial end uses –
touching the lives of millions of people every day. In 2015, Mondi had revenues of €6.8 billion and a return on capital employed of 20.5%.
The Mondi Group is fully integrated across the packaging and paper value chain – from managing forests and producing pulp, paper and compound plastics, to developing effective and innovative industrial and consumer packaging solutions. Our innovative technologies and products can be found in a variety of applications including hygiene components, stand-up
pouches, super-strong cement bags, clever retail boxes and office paper. Our key customers are in industries such as automotive; building and construction; chemicals; food and beverage; home and personal care; medical and pharmaceutical; packaging and paper converting; pet care; and office and professional printing.
Mondi has a dual listed company structure, with a primary listing on the JSE Limited for Mondi Limited under the ticker code MND and a premium listing on the London Stock Exchange for Mondi plc, under the ticker code MNDI.