Brødrene Hartmann A/S ("Hartmann") has entered into an agreement with the shareholders of Mohan Fibre Products Pvt. Ltd. (“Mohan Fibre”) for the acquisition of the company, which sells moulded-fibre packaging to egg and apple producers in India with a particular focus on the northern states of Himachal Pradesh, Punjab and Haryana.
The purchase price is DKK 119 million, corresponding to an EBITDA multiple of around 9.
The expansion is in line with Hartmann’s strategy ‘Think ahead’, which also entails significant investments in existing markets. In 2020, Hartmann will complete a significant capacity expansion in Europe with a particular focus on the British and Southern European markets, significantly expand the existing factory in the US and open a new factory in Brazil.
The acquisition is financed within the framework of the group’s existing credit facilities.
Hartmann is the world’s leading manufacturer of moulded-fibre egg packaging, a market-leading manufacturer of fruit packaging in South America and one of the world’s largest manufacturers of technology for the production of moulded-fibre packaging.
Source: Lesprom Network