Indorama Ventures is set to acquire a 24.9% minority stake in EPL Ltd from Blackstone for $221m. 

The deal, priced at approximately $2.78 per share, is expected to close in the coming months, subject to regulatory approvals, with no open offer required since the stake remains below 25%.

EPL, formerly known as Essel Propack, is the world’s largest manufacturer of laminated tubes. The French company operates 21 production facilities across 11 countries and supplies global brands in the oral care, cosmetics, and pharmaceutical sectors. For the 12 months ending December 31, 2024, EPL reported revenue of about $478m and EBITDA of roughly $93.2m, reflecting a 17% year-on-year growth.

Indorama Ventures, through its subsidiary Indorama Netherlands BV, will secure a strategic foothold in EPL. “EPL is known for its innovative, high-quality packaging products across the globe and resonates with Indorama’s philosophy of investing in attractive businesses with great future potential, globally as well as in India,” said Aloke Lohia, founder and group CEO of Indorama Ventures.

Blackstone, which took control of EPL in 2019, continues to be a significant shareholder. Reflecting on the company’s progress, Amit Dixit, head of Asia Private Equity at Blackstone, stated, “Over the last few years, in conjunction with the management team led by CEO Anand Kripalu, we have helped build the business into one of the fastest-growing packaging companies worldwide. EPL is now a global leader in sustainable packaging, supplying to some of the leading brands across sectors. We are excited to welcome IVL as an investor in EPL.”

Financial advisors for the transaction include Morgan Stanley for Blackstone and Goldman Sachs for Indorama Ventures, with legal counsel provided by Trilegal and Simpson Thacher for Blackstone, and by Khaitan & Co and Chandhiok & Mahajan for Indorama Ventures.

This acquisition underscores Indorama Ventures’ commitment to investing in innovative, high-potential businesses and marks a significant milestone in the evolving private equity landscape.