Flexible liquid packaging solutions provider Liqui-Box has signed an agreement to acquire both the engineering and flexible operations of South Africa-based Maverick for undisclosed amount.
Liqui-Box is a portfolio company of private equity firm Olympus Partners.
Maverick Engineering is engaged in manufacturing of bag-in-box making equipment while Maverick Flexibles designs and manufactures specialty films and laminates for food and beverage markets.
Established in 1999, Maverick provides bag-in-box bag and pouch making equipment for the international market. It has sold over 80 machines till date.
Liqui-Box president and CEO Ken Swanson said: "Maverick brings a world-class team of people and game changing innovation around all aspects of the bag-in-box manufacturing and converting process that will immediately take Liqui-Box's capabilities to a new level.
"Combining Maverick with Liqui-Box will be transformational for the bag-in-box market as we fully integrate our various substrates and fitment designs with a best-in-class bag making process into all of our manufacturing plants around the world."
The acquisition is a part of Liqui-Box's strategic investments. Maverick is the first in a series of planned acquisitions.
Olympus Partners Manu Bettegowda said: "The acquisition of Maverick is an ideal fit to Liqui-Box's portfolio and will be an important contributor to our future growth plans."
In May, Liqui-Box announced its plan to invest $4m in advanced packaging production technology at two packaging manufacturing facilities in the US.
The investment is a part of Liqui-Box's effort to focus on upgrading manufacturing and operational capabilities to strengthen its position in the liquid packaging market.
Liqui-Box manufactures bag-in-box flexible packaging and pouches for global industries, including dairy, beverage, food and non-food markets.
