Intaj Packaging Limited becomes Altea Packaging and ventures beyond the MENA region

The decision was taken with the objective of building on the Altea Packaging brand to create a strong regional group in the flexible packaging sector.

One year after its inception, Altea Packaging realized several transactions in the flexible packaging area in the MENA region and beyond. After the initial acquisition of 50% of Cogitel, Altea Packaging helped Cogitel in completing the acquisition of SIED, the second largest and oldest player in the sector in Tunisia. Altea Packaging has also launched a Greenfield project in Algeria to create the country's market leader in flexible packaging.

Swicorp also announced that Altea Packaging acquired 100% of the French flexible packaging company Roland Emballages in July. Capitalizing on Cogitel's management team's extensive knowledge of the French market, the deal was identified as a strategic move to significantly boost the exports of the regional production units while focusing on added-value products in the French unit.

The acquisition is also deemed to increase the group's credibility with multinational clients who constitute the largest clientele of the sector in the MENA region. Other significant synergies are also being leveraged at the group's level in terms of sourcing, sales and R&D.

Nabil Triki, Managing Director and Head of Private Equity at Swicorp, said that "Altea Packaging was among the first transactions executed by Intaj and we are going through exciting times as we move to execute our vision of building it into the leading player in flexible packaging in North Africa and a credible outsider in Southern Europe."

Slim Zeghal, member of Cogitel's managing family, said that "The acquisition of a European plant is a critical and highly strategic move that will give Altea Packaging an edge over competition in the region."

He added that "only a few months after the closing of the transaction, we are already leveraging considerable synergies and are highly optimistic about the developments in the near future."