Asia-focused private equity firm PAG has signed definitive agreements to acquire a substantial majority stake in Manjushree Technopak, a leading packaging solutions company promoted by Advent International. The deal is valued at an enterprise value of $850 million–$950 million, according to multiple industry sources.
The acquisition marks the conclusion of Manjushree Technopak’s dual-track process, in which Advent International explored both a private sale and an initial public offering (IPO). On November 12, the company received approval from the Securities and Exchange Board of India (SEBI) for a proposed ₹3,000-crore IPO. However, Advent chose the sale route, allowing for a clean exit after six years of investment.
“Valuations and the ability to secure a complete exit likely influenced the decision to sell instead of proceeding with the IPO,” said one source familiar with the matter. The IPO would have involved a fresh equity issuance of ₹750 crore and an offer-for-sale (OFS) worth ₹2,250 crore.
This transaction represents PAG’s largest deal in India since acquiring a controlling stake in Nuvama (formerly Edelweiss Wealth Management) in 2021 for $325 million. PAG has invested over $1.7 billion in India since establishing its office in 2019, with Manjushree Technopak being its seventh private equity investment in the country.
Advent International had acquired a controlling stake in Manjushree Technopak in 2018 in partnership with the Kedia family, valuing the firm at ₹2,300–₹2,440 crore at the time. The firm owns 97.54% of the company and engaged advisors such as Goldman Sachs, Avendus Capital, and Deloitte for the current deal.
