On July 5th, Guala Closures Group signed in Mumbai an agreement for the purchase of 100% of shares of Axiom Propack Pvt Ltd, an Indian company active in the production of safety closures for spirits; completion of the deal is forecasted in the next three months and is subject to customary closing conditions as per Indian law.
Axiom has a production units in Karnataka, is serving the Indian IMFL (Indian Made Foreign Liquors) market and its activity started in 2016 with a first year turnover above 6 mio euros.
Marco Giovannini Chairman and CEO of Guala Closures Group stated: “with this acquisition we aim to reinforce our position in the area and to increase our capacity in order to properly answer to the growing demand of protection against products’ counterfeiting.”
Advisors from the Seller side were Singhi Advisors and Walter Advisors, from the Buyer side Cross Border M&A, KPMG and TTA advocates.
You can download the PR here