UNIPAK HELLAS SA Member of INDEVCO Group, Completes Acquisition of PAKO SA, Greece
UNIPAK HELLAS SA member of INDEVCO Group, a multinational company with diversified manufacturing, technical and consultancy services, is pleased to announce the completion of the acquisition of PAKO SA, Greece. The acquisition was completed and finalized officially on 5 September 2018 for an undisclosed amount.
INDEVCO Paper Containers, a division of INDEVCO Group, has been operating in the corrugated business since 1957 and in the Greek market since 2009 through its Greek member company, UNIPAK HELLAS SA.
PAKO is a vertically integrated paper manufacturing company, producing corrugated packaging and pioneering the production of recycled linerboard and recycling fluting in Greece since 1960. PAKO has continued its steady growth over the years, despite the difficulties in the local market and has shown resilience and commitment in serving its customers across the industrial sectors. The business will be integrated into INDEVCO Paper Containers division.
Commenting on the acquisition, Eleni Koliopoulou, CEO of PAKO, explains, “The acquisition is very good news for PAKO. We look forward to achieving full potential with the foreseeable investment this transaction will bring to our vertically-integrated operation. Combining excellent customer service with INDEVCO’s Innovation Center and resources will certainly yield the added value we aim to provide. Most importantly, we share a common culture, values, and business practices.”
INDEVCO Paper Containers President, Fayssal Frem, says: “We are delighted to welcome PAKO into INDEVCO Group. This acquisition is a sign of confidence INDEVCO Group has in the Greek market and in the talents of the country. We have an objective to pursue growth in Greece and the wider Balkans and will continue to invest across all levels of the operation to offer high-quality, innovative, and world-class packaging solutions that serve our customers in the agricultural and industrial sectors.”
PWC acted as the financial advisors to PAKO, and KPMG as the financial and HR advisors to INDEVCO Group. Dryllerakis and Associates acted as the legal advisors to PAKO and Panouris and Associates as the legal advisors to INDEVCO Group.
More information is available on INDEVCO Group, INDEVCO Paper Containers and UNIPAKHELLAS websites and in File Number 660/2018 at the Hellenic Competition Commission.
For further information please contact:
INDEVCO PAPER CONTAINERS
Marketing and Communications Department
+961 9 478900