South Africa’s Mondi bought UK-based packaging firm Excelsior Technologies for 33 million pounds ($41 million) from funds managed by private equity firm Endless LLP and certain minority shareholders, the firm said on Monday.
Mondi’s Chief Executive David Hathorn said in a statement that the British business will support the development of Mondi’s consumer packaging division.
Excelsior makes packaging, mainly for food, and owns a packaging technology for microwave steam cooking. For the year ended 31 December 2016, it generated revenues of 39 million pounds, Mondi said.
Mondi, which has operations in more than 30 countries, makes and sells consumer packaging and paper products as part of its Europe and International division’s Packaging Paper business.
In 2016 Hathorn told Reuters that Mondi could borrow to fund acquisitions after spending 94 million euros ($101 million) buying consumer packaging businesses in 2015.