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04/2019Majority

Blackstone takes majority stake in Essel Propack

INDIA Chemicals & Materials / Packaging & Containers / Plastic Packaging EV $500M–1.5bn

Context

Blackstone entered into a definitive agreement to acquire an initial 51% controlling stake in Essel Propack from the Ashok Goel Trust. The transaction was strategically motivated by the rapid growth of the Indian consumer market and the increasing global demand for specialized pharmaceutical and personal care packaging. By transitioning from a family-led structure to a private equity-backed model, the deal was designed to accelerate Essel Propack’s expansion across the Asia Pacific and Oceania regions, utilizing India as a central manufacturing and export hub.

Essel Propack, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, to compare with the average currently observed in the Industry & Manufacturing sector (11.7x in 2026).

-> Deep-dive in Industry & Manufacturing market trends

Target

Essel Propack is a premier global specialty packaging company and the largest manufacturer of laminated plastic tubes used primarily by the FMCG and pharmaceutical sectors. The organization operates a vast industrial footprint with manufacturing facilities across 10 countries, supported by a professional workforce of over 3,100 employees. Its core business focuses on the design and production of high-barrier laminates for brands in oral care, beauty, and healthcare, serving as a critical supply chain partner for multinational corporations. By leveraging advanced material science and automated manufacturing processes, the company provides essential packaging solutions that cater to high-growth consumer markets across India, the Asia Pacific, and the Americas.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2018
$250–500M
$50–100M
[members only]
2017
$250–500M
$50–100M
[members only]

Other operations with Blackstone

Other operations with Blackstone
DateAcquirerTargetCountrySector
05/2026BLACKSTONESKROUTZGREECEE-commerce & Marketplaces
02/2026BLACKSTONE / EQT PARTNERSURBASERSPAINWaste Management
02/2026BLACKSTONECHAMPIONS GROUPUNITED STATESHVAC (Heating/AC)
07/2025BLACKSTONENETBRAIN TECHNOLOGIESUNITED STATESData, Analytics & AI
01/2025BLACKSTONECITRIN COOPERMANUNITED STATESAccounting & Audit
09/2024BLACKSTONE / CPP INVESTMENTSAIRTRUNKAUSTRALIAHosting / Datacenter
06/2024BLACKSTONESEDIVERFRANCEGlass & Ceramics
02/2024BLACKSTONEROVER GROUPUNITED STATESPet Care
11/2023BLACKSTONE / PERMIRAADEVINTANORWAYE-commerce & Marketplaces
09/2023BLACKSTONEGROUPE PREMIUMFRANCEWealth & Asset Management

Similar deals in Chemicals & Materials

Similar deals in Chemicals & Materials
DateAcquirerTargetCountrySector
08/2019SIPAREXCLAYENS GROUPFRANCEPlastics
07/2019TEKNI-PLEXLAMEPLASTITALYPlastic Packaging
04/2019ALPHA PRIVATE EQUITYLAMINAMITALYConstruction Materials
03/2019PARCOM CAPITAL MANAGEMENT247 TAILOR STEELNETHERLANDSMetallurgy / Foundry
02/2019STIRLING SQUARE CAPITALVERESCENCEFRANCEGlass Packaging
02/2019PLATINUM EQUITYMULTI-COLOR CORPORATION (MCC)UNITED STATESLabels & Adhesives
12/2018ONE MADISONRANPAKUNITED STATESPaper & Cardboard
09/2018ARCADIACASTELLO ITALIAITALYPlastics
07/2018MESSER GROUP / CVCLINDE GASESUNITED STATESSpecialty Chemicals
05/2018APTARGROUPREBOULFRANCEMetal Packaging

REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $250–500M

EBITDA range: $50–100M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Essel Propack by Blackstone are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: blackstone

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Essel Propack, an Indian company specialised in Packaging & Containers, by Blackstone in 2019.

How was the acquisition of Essel Propack by Blackstone valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Essel Propack’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Essel Propack generated annual revenue estimated in the $250–500M range and EBITDA in the $50–100M bracket (FY 2018). Detailed financial figures are available to members.

How does the valuation of Essel Propack compare to benchmarks in the Industry & Manufacturing sector?

With an estimated valuation multiple in the range of 5x - 12x in 2019, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Industry & Manufacturing sector are valued at a multiple of 11.7x EBITDA.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.