Page 37 - Plastics News July 2020

Global investor to buy 54% controlling stake in Anchor Packaging acquires Wisconsin firm
JB Chemicals Panoramic

lobal investment firm KKR will buy a 54% equity igid food packaging solutions provider Anchor
RPackaging has acquired Wisconsin-based
Gstake in JB Chemicals and Pharmaceuticals, a
Panoramic for an undisclosed sum. Based in Janesville,
Mumbai based pharmaceutical major for Rs 3,109
Panoramic offers thermoformed rigid plastic products
crore. KKR will make the investment through its
for use in fresh food applications such as bakery,
subsidiaries, Tau Investments Holdings Pte. Ltd., Tau
produce, and confectionery. Panoramic President Rick
Holdco Pte. Ltd., and KKR Asia III Fund Investments Holznecht said: “Anchor Packaging holds true to that
Pte. The deal will see KKR acquire 4.17 crore fully paid-
up equity shares of the face value of Rs. 2 for a price of
Rs 745 per share, a premium of 4% from the closing
price of the stock
on the BSE at the
end of Thursday's
trading session.
Further, KKR will
same set of core values that we live by every day at
launch an open
Panoramic. This is an exciting new chapter for
offer to acquire an
Panoramic Inc and an opportunity to grow with a
additional 26%
family of companies that shares our customer-centric
s t a k e i n t h e
innovative vision.” Panoramic offers more than 500
company or 2.09 rigid packaging options for the customers. With a focus
crore full paid-up on the US and Canada, Panoramic offers a stock line of
equity shares. The products that include more than 500 rigid packaging
open offer will options for the bakery, deli, confectionery, and
also be made at a produce markets. The company provides a range of in-
price of Rs 745 per stock “stock line” package solutions, in addition to
full-service custom package design and engineering
share, said JB Chemicals and Pharmaceuticals in a
expert services. Panoramic has been serving a range of
statement to the stock exchanges. If successful the
regional and national food processors and retailers for
open offer will add another Rs 1,496 crore to the deal,
14 years. It mainly focuses on mid-sized customers.
taking the total value of the deal to Rs 4,605 crore. “We
The acquisition of Panoramic will allow Anchor to
are thrilled that KKR – with its deep knowledge of the better serve the combined base of customers, as well
pharmaceutical industry and experience in investing in as deliver comprehensive offerings to the North
the sector, as well as its extensive investments in India American customers in the food industry. Anchor
– will take our mission forward and build on the Packaging president and CEO Jeff Wolff said: “This
foundation of core values that our family has instilled acquisition is strategically important to us for two
in this company. This will also create growth reasons: It will significantly broaden our offering to
attract bakery, produce, deli, and confectionery
opportunities for our people to progress,” said J.B.
customers. Also, it expands our capabilities and speed
Mody, Founder, Chairman, and Managing Director of
to market across any size customer or project to
J.B. Chemicals. JB Chemicals has an international
support the growing needs of our customers.”
presence with exports to over 40 countries.

July 2020 37 Plastics News