Elopak advances its growth strategy with key acquisition of Naturepak Beverage Packaging Co Ltd, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region

Elopak ASA has completed its acquisition of Naturepak Beverage from Naturepak Limited, a wholly owned subsidiary of Gulf Industrial Group, and Evergreen Packaging International LLC, a wholly owned subsidiary of Pactiv Evergreen Inc.

The acquisition of Naturepak, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region, sees the addition of local production facilities in Morocco and Saudi Arabia to Elopak’s extensive existing global network, which already encompasses customers across 70 countries. At the same time, it boosts annual production capacity by more than 2.5 billion cartons, supporting the company’s ambition to meet the growing demand for sustainable packaging solutions.

The acquisition will also provide access to a strategic customer base in the fresh beverage carton segment in key growth markets, many of whom are global blue chip FMCG players and strong regional champions.

The acquisition marks a key milestone in Elopak’s growth strategy. Having listed on the Oslo stock exchange in 2021, the company is seeking to capitalize on its strong track record, growing geographical footprint and investment in sustainability-focused innovations to target organic growth of 2 – 3 % per annum. It is pursuing new business opportunities across both traditional and non-traditional segments, as well as driving the plastic to carton conversion.

Commenting on the acquisition Elopak CEO Thomas Körmendi stated, “We are delighted to have acquired such a high-quality asset in MENA. This move greatly enhances our position in the Middle East and African markets, enabling us to realize our ambitions of this growth region, as well as further strengthening our global footprint.”

“Going forward we are excited to share our sustainable packaging solutions with Naturepak Beverage’s client base and work hand-in-hand with them to find ways to reduce their carbon footprint and empower consumers to make environmentally conscious choices,” he continued.

“As we strengthen our presence in the region, we continue to bring new products to market that provide natural and convenient alternatives to plastic bottles that fit within a low carbon circular economy. We are ready to leverage our expertise, market-leading technology and skills to grow our presence in the region across products, segments and markets,” Körmendi explained.

Elopak is reinforcing its presence in growth markets and investing in profitable growth with the acquisition of Naturepak Beverage Packaging Co Ltd, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region.

Elopak ASA has signed a Share Purchase Agreement to acquire 100 % of Naturepak Beverage from Gulf Industrial Group Company Plc and Evergreen Packaging International LLC, a wholly owned subsidiary of Pactiv Evergreen Inc.

Naturepak Beverage is the leading provider of fresh liquid carton and packaging systems in the MENA region with local production facilities in Morocco and Saudi Arabia, which will be integrated into Elopak’s global production network. Present in 16 countries, Naturepak Beverage has an annual production capacity of 2.7 billion cartons across various product sizes and its customers are global blue chip FMCG players and strong regional champions.

The acquisition will reinforce Elopak’s position in the region and is an important milestone in management’s ambitions to target 2-3% organic revenue growth, deliver inorganic opportunities and grow its global footprint by entering new geographies.

Commenting on the acquisition Thomas Körmendi, Chief Executive Officer of Elopak, stated: “This transaction represents an important part of the growth ambitions we outlined to our shareholders during our IPO this year. I am proud to take ownership of what we deem to be one of the highest quality assets in the region and to welcome the employees of Naturepak Beverage to the Elopak family. By establishing a presence in Morocco and Saudi Arabia we can access important growth markets and deliver Elopak’s brand portfolio to key local and international players. The transaction reflects our strong commitment to growth in the Middle East and Africa”.

Following the acquisition, Naturepak Beverage will be rebranded and incorporated under the Elopak name. The acquisition provides a strategic customer base in the fresh beverage carton segment, primarily in Morocco in fresh dairy, and gives access to growth markets in an attractive region.

Going forward Naturepak Beverage’s client base will have access to a wider fresh and aseptic product portfolio and innovative, sustainable packaging solutions developed by Elopak, with Elopak leveraging its Pure-Pak® carton portfolio and utilizing its technical expertise to drive further growth across products, segments and markets.