Nedbank Private Equity in South African packaging deal
Nedbank Private Equity and Mineworkers Investment Company have partnered to acquire a stake in a packaging business.
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Nedbank Private Equity and the Mineworkers Investment Company (MIC) have partnered to acquire a majority stake in South Africa-based Tropic Plastic and Packaging Industry.
As part of the transaction, the existing executive management team of Tropic also acquired a minority interest in the business.
“We are excited to partner with Nedbank Private Equity and Tropic’s dynamic management team in this significant investment,” said Zaheer Abdulla from MIC. “This acquisition not only enhances our portfolio but also positions us to capitalise on industry trends and drive substantial value for our stakeholders.”
“We are thrilled to partner with MIC and Tropic management as we embark on this exciting new journey. We believe that Tropic is well positioned to benefit from growth of its existing customer base, new target customers and product adjacencies in South Africa and select sub-Saharan Africa countries,” commented Yougan Moodley from Nedbank Private Equity.
Tropic was founded in 1963 and has grown from a family-founded and run business into one of the largest privately owned, fully integrated producers of flexible packaging products in Africa. The company specialises in the categories of packaging for bread, individual quick freezing (IQF) and shrink wrap through various extrusion, printing, bag making, slitting and lamination processes.
Ismail Simjee, CEO of Tropic said, “We are thrilled to conclude this transaction with NPE and MIC, they share our vision of innovation, sustainability, and growth. This investment marks a significant milestone for Tropic, and it holds the potential for us to expand our capabilities, product offering and footprint. We look forward to leveraging our partnership and take the business to the next level.”
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