Continuing its expansion to reinforce its position in India’s sustainable packaging sector, Canpac Trends, one of India’s leading packaging solution providers, has announced the successful acquisition of Shriram Veritech Solutions, an NCR-based company specializing in value-added labels and other packaging products.
Veritech has been in the field for over 30 years and offers a complete range of physical and digital solutions to combat counterfeiting and pilferage, optimize packaging and labeling, and streamline supply chain management. This acquisition is part of Canpac’s ongoing roll-up strategy, aimed at consolidating the fragmented packaging market in India. This is Canpac’s fourth acquisition since inception, and second in the last year.
This acquisition expands Canpac’s manufacturing footprint to eight plants across India, up from four plants in 2023, with Veritech’s Greater Noida-based facility playing a crucial role in strengthening Canpac’s presence in North India.Â
In the last few years, Canpac has expanded its client base from textile to food, eCommerce/qCommerce, and food services. Veritech’s acquisition allows Canpac to make inroads in auto, industrial and pharmaceuticals, and expand its product portfolio to include labels and anti-counterfeiting products.
“The acquisition of Veritech is another milestone in our vision to create India’s most comprehensive and sustainable packaging platform, diversified across geographies, products, and end-use segments,” said Nilesh Todi, founder and managing director. Canpac Trends. “Investcorp’s backing has been instrumental in accelerating our growth, enabling us to integrate high-value businesses and expand our leadership position in the market. We remain committed to identifying additional strategic opportunities to drive industry consolidation,” Todi said.
Canpac says it has doubled its revenue and EBITDA over the last two years through a mix of acquisitions and greenfield expansion. The company continues to evaluate potential opportunities in key industrial clusters, targeting businesses that enhance product offerings, geographic presence, and customer reach.
“We are building a platform that is designed for long-term growth, added Todi. “As we move forward, our focus remains on expanding our capabilities, deepening customer relationships, and driving innovation in sustainable packaging.”
“Veritech’s acquisition by Canpac is a crucial milestone in its journey to become a packaging major. The integration of Canpac and Veritech will allow customers of both entities to avail of a complete basket of packaging, authentication, and supply chain management products. This will help propel the growth of both Veritech and Canpac and create value for all stakeholders” said Luv Shriram, founder of Shriram Veritech Solutions.
