India Digest: Parksons Packaging acquires MK Printpack; Tube Investments, Premji Invest to buy Lotus Surgicals

Warburg Pincus-backed Parksons Packaging has completed the acquisition of MK Printpack while Tube Investments of India and Premji Invest have signed an agreement to acquire Lotus Surgicals.

Parksons Packaging buys MK Printpack

Warburg Pincus-backed Parksons Packaging on Monday said it has completed the acquisition of MK Printpack for an undisclosed amount.

Founded in 1982, MK Printpack is one of the top producers of folding cartons serving the pharmaceutical, food & beverages, home & personal care, toys and electrical industries. The firm operates three state-of-the-art manufacturing facilities in Gujarat, Daman, and Haridwar.

The acquisition of MK Printpack will further strengthen Parksons Packaging’s leadership position in the folding cartons market in India, the company said.

This is Parksons Packaging’s second acquisition in the last 18 months. In November 2021, Parksons acquired Manohar Packaging, a producer of folding cartons in the alcoholic beverages segment.

Tube Investments & Premji Invest to buy Lotus Surgicals

Tube Investments of India (TII) and Premji Invest, through its PI Opportunities Fund I Scheme II, have signed a share purchase agreement to acquire 100% equity capital of Lotus Surgicals (Lotus) from India Medical Consumables Holdings, a Samara Capital entity, and other shareholders.

TII will invest up to Rs 233 crore while Premji Invest will invest up to Rs 115 crore to acquire equity shares from the existing shareholders of Lotus. TII will acquire 67% while Premji Invest will acquire the balance 33%, subject to the completion of certain conditions.

Set up in 2005, Lotus is engaged in the business of wound closure products. It reported a turnover of Rs 116 crore in FY 2021-22.

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