Advent International backed MTL (Manjushree Technopack Ltd), a leading rigid plastics packaging solutions company from India, has acquired National Plastics (NAPLA), one of the leading player in spraying and dispensing systems and solutions in India (slump sale, on a going concern basis). This is the first acquisition by MTL since Advent bought majority stake in the company last year.
Through this deal MTL intends to expand its offerings to clients, by adding adjacent categories like dispensers and sprayers to its existing product portfolio – containers and preforms. This merger will also help MTL acquire new clients in this segment across various regions in India. The acquisition is expected to contribute 4-5% of the overall revenue for MTL over the next five years. In 2016, MTL had acquired Delhi-based rigid packaging firm, Varahi Polymers.
According to MTL’s estimates, the value of the dispenser market in India is expected to double from $ 50 million in FY19 to $100 million by 2023.
Based in Punjab, NAPLA was founded in 1988 by Manish Saggar. The firm manufactures lotion pumps, liquid dispensers, trigger sprayers, fine mist sprayers, cosmetic / serum pumps, perfume spray packs for leading brands in India and South Asia. Some of NAPLA’s clients include Reckitt Benckiser, HRI, ITC, Godrej Consumer, Marico, Patanjali Ayurved, SC Johnson, 3M, and Sun Pharma among many others.