OREANDA-NEWS. Mondi Group has signed an agreement for the acquisition of 90% of the outstanding share capital in Kalenobel* from ARGUS Capital, a CEE focused private equity group, and M. Olcay Hephiz, one of the company’s founders, for a consideration of around EUR90 million on a debt-and-cash-free basis (consideration for 90% of the business).

Established in 1955, Kalenobel is a Turkish consumer packaging company focused on the manufacture of flexible consumer packaging for ice cream and other applications as well as aseptic cartons. The company is headquartered in Istanbul and operates two manufacturing sites northwest of the city.

Kalenobel serves both international FMCG companies as well as regional food and beverage producers. The company exports approximately half of its production, mainly to Western Europe, the Middle East and North Africa.

Commenting on the acquisition, David Hathorn, Chief executive of Mondi Group, 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. .

Mondi is an international packaging and paper Group, employing around 25,000 people across more than 30 countries. Our key operations are located in central Europe, Russia, North America and South Africa. We offer over 100 packaging and paper products, customised into more than 100,000 different solutions for customers, end consumers and industrial end uses - touching the lives of millions of people every day. In 2015, Mondi had revenues of EUR6.8 billion and a return on capital employed of 20.5%.

The Mondi Group is fully integrated across the packaging and paper value chain - from managing forests and producing pulp, paper and compound plastics, to developing effective and innovative industrial and consumer packaging solutions. Our innovative technologies and products can be found in a variety of applications including hygiene components, stand-up pouches, super-strong cement bags, clever retail boxes and office paper. Our key customers are in industries such as automotive; building and construction; chemicals; food and beverage; home and personal care; medical and pharmaceutical; packaging and paper converting; pet care; and office and professional printing.