Rosti AB, the injection molding group owned by Swedish investment group Nordstjernan, has acquired a majority stake in Tebplast Plastik San.Tic.A.S., a Turkish in-mold-labeling (IML) business.
Terms of the deal were not being disclosed, however Erdem and Engin Teber, members of the family which founded the Istanbul-based group in the 1980s, will stay on as managing director and operations director respectively.
Tebplast, which has 40 IML lines and employs 110f, was expected to turnover around 20 million euros this year, according to Barry Coughlan, Rosti's chief operating officer for Europe.
"The business has a great reputation for supplying products into the dairy, fresh food and chilled and frozen food sectors, and has seen quite dramatic growth in a market where consumption is booming," he added.
Malmo, Sweden-based Rosti had been looking to expand in Turkey for some time, Coughlan said, and added that Tebplast presented the enlarged group with good export opportunities out of the country.
Erdem Teber meanwhile said the deal was a "very important milestone" in Tebplast's history.
"We are delighted to have Rosti as a majority shareholder. We see clear synergies going forward which allow the company to accelerate its growth even further," he added.
In a statement Rosti said Tebplast would be incorporated into its packaging division, headed up by Magnus Emeus.
Rosti, which is on track to post sales of 400 million euros this year, planned to make a number of further acquisitions in the coming 12 months as well as posting organic growth in order to establish it as a 600 million-euro-per-year business by 2016, said group chief executive Borje Vernet.
The company was looking to buy businesses in Europe, Asia and the United States, Coughlan added.