Private equity giant Advent International is set to sell its stake in Manjushree Technopack, targeting a valuation of $1 billion to $1.2 billion. Talks are already underway with prospective buyers. At the same time, Advent is in advanced stages of negotiations to sell Bharat Serums and Vaccines.

Manjushree Technopack, India's largest provider of rigid plastic packaging, was acquired by Advent International in 2018. This involved purchasing a 40% stake from Kedaara Capital, valuing the company at around ₹2,400 crore, along with additional shares from the founding family, bringing the company under professional management.

Since then, Manjushree Technopack has shown significant returns, leading Advent to consider an exit. The firm is engaging with both private equity firms and packaging companies for the sale.

In FY23, Manjushree Technopack's revenue rose to approximately ₹2,100 crore, a marked increase from ₹924 crore in FY18 before Advent's acquisition. Despite this growth, the packaging industry has faced challenges due to volatile raw material prices, affecting the company's profitability last fiscal year.

Under Advent’s ownership, the company has expanded rapidly. In 2020, it opened a new manufacturing plant in Silvassa, followed by new facilities in Visakhapatnam and Mysuru in 2023.

The company has also grown through acquisitions. It acquired Napla, a manufacturer of pumps and triggers, in 2019. In 2021, it bought the B2B business of Pearl Polymers and Classy Kontainers. In 2022, it acquired two manufacturing units from Hitesh Plastics in Maharashtra, entering the specialized caps and closures market.

Active in India since 2007, Advent International has invested over $6 billion in 18 Indian companies, with a significant portion of these investments made in the last five years.

Advent's strategy of combining organic expansion with strategic acquisitions has been instrumental in driving Manjushree Technopack's growth. The company’s new facilities and acquisitions have not only increased its production capacity but also expanded its product offerings, enabling it to cater to a broader market.

Furthermore, the addition of advanced manufacturing units has bolstered Manjushree's position in the highly specialized caps and closures market, which is expected to see significant demand in the coming years. This diversification is likely to make Manjushree an attractive acquisition target for both strategic buyers and financial investors looking to capitalize on its established market position and growth potential.