Mondi Group has acquired 100% of the outstanding share capital of Excelsior Technologies, from funds managed by Endless LLP and certain other minority shareholders, for a total consideration of about $41.25 million (£33 million), on a debt and cash-free basis.

Excelsior is a vertically-integrated producer of flexible packaging solutions, mainly for food applications, with a proprietary packaging technology for microwave steam cooking. With two plants, located in Deeside (Northern Wales, UK) and Nelson (Lancashire, UK), the company serves both domestic and US customers. For the year ended December 31, 2016, Excelsior generated revenues of roughly $48.75 million(£39 million).

“The acquisition of Excelsior supports the development of our consumer packaging business in high-growth product applications,” says David Hathorn, chief executive of Mondi Group. “Its leading microwave steam cooking packaging technology complements and enhances our global food-packaging offering.”