Mondi acquires Excelsior Technologies
Johannesburg - Mondi Group has acquired 100% of the outstanding share capital of Excelsior Technologies from funds managed by Endless LLP and certain other minority shareholders, for a total consideration of £33m, on a debt and cash- free basis.
Excelsior is a vertically-integrated producer of innovative flexible packaging solutions, mainly for food applications, with a unique packaging technology for microwave steam cooking. With two plants, located in Deeside (Northern Wales, UK) and Nelson (Lancashire, UK) the company serves both domestic and US customers. For the year ended 31 December 2016, Excelsior generated revenues of £39m.
Commenting on the acquisition, David Hathorn, CEO of Mondi Group, said: "The acquisition of Excelsior supports the development of our Consumer Packaging business in high growth product applications. Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering."