Warburg Pincus-backed Parksons Packaging, a leading folding carton packaging company in India, has completed the acquisition of Fortuner Packaging’s business by way of a slump sale. Fortuner Packaging which was founded in 2012, manufactures folding cartons primarily catering to pharmaceutical, home and personal care, and automobile customers through its two manufacturing plants in Baddi and Himachal Pradesh.
The acquisition of Fortuner Packaging will fortify Parksons Packaging’s leadership position in the folding cartons market in India. Fortuner Packaging’s existing manufacturing plants will deepen Parksons’ presence in North India. The senior leadership of Fortuner Packaging will continue with the business and be part of the future growth journey with Parksons.
Siddharth Kejriwal MD, Parksons Packaging said, “We are very excited to welcome Fortuner Packaging to the Parksons family. This acquisition fits very well in our strategy to grow our Pharma business vertical. With this acquisition, Parksons now has pan India capability to serve pharma customers across pharmaceutical manufacturing hubs. Parksons now has dedicated pharma manufacturing cells in Daman to serve West India, Guwahati to serve East India, Sricity to serve South India, Pantnagar and Baddi to serve North India.”
Fortuner Packaging marks Parksons’ third acquisition in the last 18 months. In November 2021, Parksons acquired Manohar Packaging, a leading producer of folding cartons in the alcoholic beverages segment which has helped increase domain expertise and depth of services in this segment. Recently in March 2023, Parksons acquired MK Printpack, a folding carton player with strong capabilities in fluted packaging and a strategically located manufacturing footprint. Parksons Packaging (including its subsidiaries) now has thirteen manufacturing plants across Daman, Chakan, Pantnagar, Guwahati, SriCity, Goa, Punjab, Haridwar, Baddi and Gujarat.
“Parksons Packaging brings a wealth of expertise, knowledge, and experience. Their outstanding reputation in the industry and market leadership will allow us to create a better value proposition for our customers. We are very excited and happy to be associated with Parksons family,” said Naveen Kumar, Anurag Godia and Neeraj Kumar of Fortuner Packaging.