Naturepak Beverage supplies fresh liquid carton and packaging systems for the customers in the Middle East and North Africa (MENA) region
Naturepak Beverage offers fresh gable-top cartons to its customers. (Credit: Elopak ASA)
Carton packaging and filling equipment supplier Elopak has agreed to acquire 100% stake in Naturepak Beverage from Gulf Industrial Group and Evergreen Packaging for $96m in cash.
Naturepak Beverage supplies fresh liquid carton and packaging systems for the customers in the Middle East and North Africa (MENA) region.
With operations in 16 countries, the company offers fresh gable-top cartons and filling machines, as well as technical support and service to its customers.
Naturepak, which employs around 140 people, produces 2.7 billion cartons with various product sizes per annum for global FMCG customers and regional customers.
The acquisition of Naturepak will enable Elopak to expand its presence in the MENA region, in addition to growing its global footprint by entering new geographies.
The acquisition also allows to add a strategic customer base in the fresh beverage carton segment, mainly in Morocco in fresh dairy.
Naturepak has local production facilities in Morocco and Saudi Arabia, which will be incorporated into Elopak’s global production network.
Elopak CEO Thomas Körmendi said: “I am proud to take ownership of what we deem to be one of the highest quality assets in the region and to welcome the employees of Naturepak Beverage to the Elopak family.
“By establishing a presence in Morocco and Saudi Arabia we can access important growth markets and deliver Elopak’s brand portfolio to key local and international players. The transaction reflects our strong commitment to growth in the Middle East and Africa.”
Naturepak Beverage will be rebranded and integrated under the Elopak name, upon the completion of the acquisition.
Elopak will fund the transaction through a combination of available cash balances and credit facilities.
The deal completion is subject to multiple closing conditions, including Saudi Arabia and Morocco antitrust approvals.