Mondi Group, South Africa, has signed an agreement for the acquisition of 90% of the outstanding share capital in Kalenobel (Kale Nobel Ambalaj Sanayi ve Ticaret Anonim Sirketi), Turkey, from ARGUS Capital, a CEE focused private equity group, and M. Olcay Hephiz, one of the company's founders, for about EUR 90 million on a debt-and-cash-free basis (consideration for 90% of the business).

Established in 1955, Kalenobel is a consumer packaging company focused on the manufacture of flexible consumer packaging for ice cream and other applications as well as aseptic cartons. The company is headquartered in Istanbul and operates two manufacturing sites northwest of the city.

Kalenobel serves both international FMCG companies as well as regional food and beverage producers. The company exports approximately half of its production, mainly to Western Europe, the Middle East, and North Africa.

Commenting on the acquisition, David Hathorn, chief executive of Mondi Group, said: that "the acquisition of Kalenobel supports the growth of our consumer packaging business, broadening our product portfolio and geographic reach to better serve our customers in high-growth markets."

The transaction remains subject to competition clearance and other customary closing conditions and is expected to complete during the second half of 2016.

Mondi employs some 25,000 people across more than 30 countries. Its key operations are located in central Europe, Russia, North America, and South Africa. The company offers 100-plus packaging and paper products, customized into more than 100,000 different solutions for customers, end consumers, and industrial end uses. In 2015, Mondi had revenues of EUR 6.8 billion and a return on capital employed of 20.5%.