Mondi Group has signed an agreement to acquire 100% of the outstanding share capital of LLC Beepack from a private investor for a consideration of RUB 2,825 million (Euro 41 million) on a debt-and-cash-free basis.
Beepack’s plant in Lebedyan (Lipetsk region, Russia) makes a range of corrugated packaging trays and boxes for food and agricultural products including beverages, fruit and vegetables, poultry and dairy. Customers include local Russian and international producers. For the year ended 31 December 2015 Beepack generated revenues of RUB 2,782 million (Euro 41 million) and adjusted EBITDA of RUB 462 million (Euro 7 million).
David Hathorn, Chief executive of Mondi Group, said: “The acquisition of Beepack supports the ongoing development of our Corrugated Packaging business in central and eastern Europe. It enables us to enter a market with strong growth potential while expanding our geographic reach to better serve our customers.”
The transaction remains subject to customary closing conditions and is expected to complete in 4Q 2016.
Mondi is an international packaging and paper Group, employing around 25,000 people across more than 30 countries.
