On 5 April 2023, in a press release datelined Mumbai, Warburg Pincus backed and leading Indian carton producer Parksons Packaging, announced that it had completed the acquisition of Fortuner Packaging by way of a slump sale. Fortuner Packaging which was founded in 2012, manufactures folding cartons for the pharmaceutical, home products, personal care, and automobile segments at its two North Indian plants in Baddi, Himachal Pradesh.
The acquisition of Fortuner Packaging will continue to develop and consolidate Parksons Packaging’s substantial position in the Indian folding carton market in terms of both volumes and close-to-customer geographies. Fortuner Packaging’s plants will deepen Parksons’ presence in the north of the country and also in the pharma segment which has a slew of pharma companies in a belt across the region. As is the custom with Parksons’ several acquisitions of carton manufacturers in the past eighteen months the senior leadership of Fortuner Packaging will continue with the business and, “be part of the future growth journey.”
In November 2021, Parksons acquired Manohar Packaging, a leading folding cartons company in the alcoholic beverages segment, and as recently as 27 March 2023, it acquired MK Printpack, a folding carton player with strong capabilities in fluted packaging and a strategically located manufacturing footprint in Western India. This acquisition, the third in just 18 months will give Parksons Packaging and its subsidiaries thirteen manufacturing facilities across Daman, Chakan, Gujarat, and Goa in Western India; Haridwar, Pantnagar, Punjab, and Baddi in the north; Guwahati in the Northeast; and, SriCity in South India.
Renewed thrust in pharma cartons
Parksons Packaging managing director Siddharth Kejriwal said, “We are very excited to welcome Fortuner Packaging to the Parksons family. This acquisition fits very well in our strategy to grow our pharma business vertical. With this acquisition, Parksons now has pan India capability to serve pharma customers across pharmaceutical manufacturing hubs.” He added that the company now has, “Dedicated pharma manufacturing cells in Daman to serve West India, Guwahati to serve East India, SriCity to serve South India, and Pantnagar and Baddi to serve North India.”
Naveen Kumar, Anurag Godia, and Neeraj Kumar of Fortuner Packaging made a statement about the completion of the acquisition. “Parksons Packaging brings a wealth of expertise, knowledge, and experience. Their outstanding reputation in the industry and market leadership will allow us to create a better value proposition for our customers. We are very excited and happy to be associated with the Parksons family.”