Mondi Group , South Africa, has acquired 100% of the outstanding share capital of Excelsior Technologies Ltd., U.K., from funds managed by Endless LLP and certain other minority shareholders, for a total consideration of £33 million (EUR 38 million), on a debt and cash-free basis.

Excelsior is a vertically-integrated producer of innovative flexible packaging solutions, mainly for food applications, with a unique packaging technology for microwave steam cooking. With two plants, located in Deeside (Northern Wales, U.K.) and Nelson (Lancashire, U.K.), the company serves both domestic and U.S. customers. For the year ended Dec. 31, 2016, Excelsior generated revenues of £39 million (EUR 47 million).

Commenting on the acquisition, David Hathorn, CEO of Mondi Group, said that "the acquisition of Excelsior supports the development of our consumer packaging business in high growth product applications. Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering."

Mondi is an international packaging and paper group, employing around 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 more than 100 packaging and paper products, customized into more than 100,000 different solutions for customers, end consumers, and industrial end uses - touching the lives of millions of people every day. In 2015, Mondi had revenues of EUR 6.8 billion and a return on capital employed of 20.5%.

The Mondi Group is fully integrated across the packaging and paper value chain - from managing forests and producing pulp, paper, and compound plastics, to developing effective and innovative industrial and consumer packaging solutions. Its technologies and products can be found in a variety of applications including hygiene components, stand-up pouches, super-strong cement bags, retail boxes, and office paper.