Flexible packaging films manufacturer Jindal Poly Films (JPFL) has agreed to acquire Apeldoorn Flexible Packaging (AFP) through its Netherlands-based subsidiary for €82.3m.
European private equity firm Bencis Capital Partners, which holds a significant interest in AFP, will exit following the completion of the deal.
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The all-cash transaction, expected to close by 30 September, is subject to necessary regulatory approvals and closing conditions.
With this acquisition, JPFL intends to enter the load securities films market.
Jindal Poly Films senior executive Rakesh Tayal said: “This acquisition will provide us access to load security films – a new product line – and will also strengthen our relationship with brand owners in the food, beverage and FMCG segments.
“We remain committed to expanding our differentiated product offerings in the packaging films business globally.”
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By GlobalDataThe acquisition is expected to add load security films to JPFL’s portfolio and strengthen its businesses in the food, beverage and FMCG segments.
Incorporated in 2014, AFP focuses on the production of load security films.
Last year, the company reported a consolidated turnover of nearly €111m.
India's Alvarez & Marsal Corporate Finance is acting as the exclusive financial advisor for JPFL, while DLA Piper Nederland is providing legal assistance during the transaction.
JPFL is the flagship company of the BC Jindal Group that caters to various industries including power, steel products and photographic products besides films business.
The company operates seven manufacturing facilities located across India, US and Europe.
In 2013, it acquired the biaxially oriented polypropylene (BOPP) business of ExxonMobil Chemical for $235m, reported vccircle.com.
