Mondi Group Acquires Excelsior Technologies

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 nearly $41.25 million (£33 million), on a debt and cash-free basis.
 
Excelsior is a vertically integrated producer of flexible packaging solutions, mainly for food applications, with a proprietary 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 Dec. 31, 2016, Excelsior generated revenues of approximately $48.75 million (£39 million).
 
“The acquisition of Excelsior supports the development of our consumer packaging business in high-growth product applications,” said David Hathorn, chief executive of Mondi Group. “Its leading microwave steam cooking packaging technology complements and enhances our global food-packaging offering.”