The paper and packaging company will purchase 90% of the outstanding share capital in from private equity group Argus Capital and one of the Anglo-South African firm’s founders M. Olcay Hephiz.
Mondi will pay around £70m on a debt-and-cash-free basis for Kalenobel, which specialises in the manufacture of flexible consumer packaging for ice cream among other applications as well as aseptic cartons.
The company is headquartered in Istanbul and operates two manufacturing sites northwest of the city. It serves both international FMCG companies as well as regional food and beverage producers.
Mondi chief executive, David Hathorn, said: “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”.
The transaction remains subject to competition clearance and other customary closing conditions and is expected to complete during the second half of 2016.
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