Advent International Corp. acquired the shares owned by Mauritius-based Kedaara Capital Investment Managers Ltd. in Indian plastic packaging maker Manjushree Technopack Ltd. for an undisclosed sum.
The Boston-based private equity firm also bought a portion of the stake owned by the Kedia family in the target company.
Vimal Kedia, the founder and managing director of the manufacturer, and his senior management team will maintain close ties with the company.
Manjushree Technopack provides rigid plastic packaging for the consumer goods sector in India.
Kedaara Capital is a private equity firm investing in various sectors, including consumer and consumer derivatives, financial services, industrial and healthcare.
Advent International targets the business and financial services, healthcare, industrial, retail, consumer and leisure, and technology, media and telecommunications sectors.