Mondi Group acquires Turkish packaging company Kalenobel

MachinesNewsSouth-East European INDUSTRIAL Мarket - issue 3/2016

Mondi Group acquires Turkish packaging company Kalenobel

Mondi Group has acquired 90% of the outstanding share capital of the Turkish consumer packaging company Kalenobel. The agreement between the two companies covers the transfer of ownership between ARGUS Capital, a CEE focused private equity group, and one of Kalenobel’s founders - Olcay Hephiz, to Mondi Group for about EUR 90 million on a debt-and-cash-free basis. The transaction itself remains subject to competition clearance and other customary closing conditions, but it’s ultimately expected to be completed within the second half of this year.

The consumer packaging company Kalenobel is established in 1955 and has its headquarters in Istanbul with two additional manufacturing sites northwest of the city. The producer of flexible consumer packaging for ice cream and other applications, as well as aseptic cartons, serves international fast-moving consumer goods (FMCG) companies, as well as regional food and beverage manufacturers. Approximately half of the company’s production is exported mainly to Western Europe, North Africa, and the Middle East.

"The acquisition of Kalenobel supports the growth of our Consumer Packaging business, broadening our product portfolio and geographic reach to better serve our customers in high-growth markets," commented David Hathorn, Chief executive of Mondi Group, following the acquisition.

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