Warburg Pincus-backed Parksons Packaging, a leading paper packaging company in India, on 27 March 2023 announced that it completed the acquisition of MK Printpack. Founded in 1982, MK Printpack is one of the top producers of folding cartons, catering to the pharmaceutical, food and beverages, home and personal care, toys and electrical industry segments through its three state-of-the-art manufacturing facilities in Gujarat and Daman in Western India and Haridwar in North India.
According to the press release which does not reveal the financial terms of the acquisition, the existing founders of MK Packaging, Anil Kumar and Sanjeev Kumar along with the company’s senior leadership will continue in their roles as a part of the enlarged Parksons Packaging organization.
The acquisition of MK Printpack is expected to further strengthen Parksons Packaging’s leadership position in the folding cartons market in India. MK Printpack’s innovative packaging solutions and technical expertise in ‘fluted packaging’ also known as litho-laminated micro-fluted packaging is expected to augment Parksons’ product portfolio while MK’s strategically located manufacturing facilities will help Parksons expand its capacities and deepen its geographic reach.
This is Parksons Packaging’s second acquisition in the past eighteen months. In November 2021, Parksons acquired Manohar Packaging, a leading producer of folding cartons in the alcoholic beverages segment. This has helped the company widen its domain expertise and depth of services in this segment. Parksons Packaging including its subsidiaries now has eleven manufacturing facilities across Daman, Chakan, Pantnagar, Guwahati, SriCity, Goa, Punjab, Haridwar, and Gujarat.
Siddharth Kejriwal the managing director of Parksons Packaging said, “We are thrilled to welcome MK Printpack to the Parksons family. We look forward to leveraging MK Printpack’s expertise in manufacturing high-quality micro flute cartons by using its large format printing capability and strategically located manufacturing facilities in Haridwar and Gujarat along with its pharma packaging-focused facility in Daman. This acquisition will provide more value to our customers and enhance our ability to efficiently serve clients across the country, giving us access to new growth opportunities.”
Anil Kumar and Sanjeev Kumar of MK Printpack said, “This is an excellent opportunity for us to accelerate our growth journey as part of Parksons Packaging which is backed by Warburg Pincus. This association will allow us to serve our customers better with a wider range of products and a pan-India presence. We look forward to a long-term association with Parksons.”
