Tecnova Advises UFP Industries: Marking UFP's First Industrial Presence in India
Tecnova advises UFP Industries, USA in acquiring a controlling equity position in India's Ficus Pax, marking UFP's first industrial presence in India
UFP Industries' affiliate, UFP Global Holdings Ltd., has acquired 70% of the equity in Ficus Pax Private Limited (Ficus Pax), a leading producer of industrial packaging in India, for approximately USD 13.5 million. Headquartered in Bangalore, India, Ficus Pax manufactures mixed-material cases and crates, nail-less plywood boxes, wooden pallets, and other packaging products through 10 facilities located in major industrial markets throughout southern India. The company had trailing 12-month sales through August 2021 of approximately USD 39 million. Sandeep Wadhwa, chairman and managing director of Wadpack, will now lead Ficus Pax as managing director over the consolidated group.
"The addition of Ficus Pax gives UFP a solid foundation to grow our industrial packaging presence in India, the world's fastest-growing economy, and a strategic market for our international expansion," said Dick McBride, UFP's executive vice president of international operations. "Ficus Pax is a leader in innovation, with a talented design and engineering team and considerable experience in producing high-value packaging solutions for domestic and multinational customers. We look forward to working together to grow our business with new and existing customers worldwide."
"This transaction begins an exciting new chapter for Ficus Pax and our 600-plus employees," said Mr. Wadhwa. "The investment and support that UFP Global will provide to Ficus Pax and Wadpack will allow us to expand our sales outreach, increase our capacity, automate in ways that will improve our productivity, and gain more flexibility in sourcing materials. We look forward to being part of UFP's mission to become the leading packaging solutions provider in the world."
Tecnova India Pvt. Ltd., an India Entry and Expansion Consulting Company, based in Gurugram, was an advisor to UFP Industries, USA.
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