Borkar Group, a Goa-based business conglomerate with entities involved in Printing & Packaging, Retail, Real Estate and Financial Consultancy on Friday said it has acquired corrugated box maker Suraksha Packers Pvt Ltd for an undisclosed sum.
“Suraksha is one of the oldest and reputed corrugated box players in India. We are confident that this partnership would go a long way in building the Company on a pan-India basis. With good manufacturing capabilities, strong clientele and dedicated team of employees, the Company is poised to be one of the largest players in the country in the next 5 years,”said Borkar Group, Chairman, Prakash Borkar in a statement.
M&A Advisory firm Acumen Financial Consultancy Pvt Ltd advised Suraksha Packers Pvt Ltd and Ladderup Corporate Advisory, part of Global M&A Partners was the advisor to Borkar on the transaction.
“Suraksha has built strong relationships with its customers by providing quality products, high level services and best working systems, due to which it was an ideal target for someone looking to enter into the fast-growing Indian corrugated box market. We believe Borkar’s are the perfect match for Suraksha, since we were looking at partnering with someone who has work culture and business ethics similar to ours. The team at Acumen stayed with us throughout the transaction and presented multipl ..
The Borkar Group has a turnover of over Rs. 500 crore, while Suraksha Packers has clocked a turnover of Rs. 65 crore. Suraksha has more than 350 employees at its manufacturing facilities at Maharashtra, Goa and Puducherry and caters to MNCs like NestleBSE -0.26 %, ColgateBSE 1.31 %, UnileverBSE -0.96 %, Coca Cola, Lotte, Perfetti etc. Borkar is a leading converter of duplex boards in India, with plants located at Goa, Daman and Himachal Pradesh.