MM Packaging is a coated recycled cartonboard firm with a growing position in virgin fiber based board and a major European manufacturer of folding cartons.
Nicholas Mockett, head of Packaging M&A (mergers and acquisitions) at Moorgate Capital advisory firm in London told FoodProductionDaily, this latest development follows similar transactions over the last two years including the sale of Contego Cartons to Graphic Packaging; the acquisition by Carlyle of Chesapeake; the sale of Benson Box to Graphic Packaging and the sale of Clondalkin Specialist Packaging to Essentra.
“As many players in the food and beverage packaging industry will appreciate, there is a rapidly changing landscape as packaging suppliers build multi-national footprints and capabilities to serve the global FMCG manufacturers,” he said.
The FMCG industry continues to consolidate
“This trend looks set to continue as the FMCG industry itself continues to consolidate (for example Heinz/Kraft).
“The business serves the luxury markets such as champagne, cognac, and fragrance which are benefitting from the growing middle class in emerging markets and the move to premium products in established markets.”
In 2014, Ileos sales amounted to approximately €115m; about 26,000 tons of cartonboard and 6,000 tons of paper were converted.
Since December 2011 the group has been owned by investment company Oaktree Capital Management.