The Competition Commission of India has cleared the acquisition of Hubergroup, a 258-year-old German printing inks and chemicals company, by a consortium of MAVCO Investments, which is a private investment vehicle of some members of the Murugappa group family, and funds managed by Avenue Capital Group, a US-based global investment firm. 

The acquisition, said to be for $310 million, “marks our strategic entry into the global print/packaging solutions and allied products,” says M.A.M. Arunachalam (also known as Arun Murugappan). The consortium is buying out the current owner, Cornelius Treuhand Holding. 

The Print Solutions Division produces inks, varnishes, and printing auxiliaries for packaging, commercial, and newspaper printing. The Chemicals Division produces specialty chemicals such as resins, laminating adhesives, pigments, and additives at its plants in India. Hubergroup employs around 3,000 people in almost 30 countries and generated annual sales of around €812 million in 2022. 

MAVCO is a private investment vehicle led by M.A.M. Arunachalam, Vellayan Subbiah, and Arun Venkatachalam of the Murugappa Family, who have rich and diverse experience managing businesses across industries in India. 

Avenue Capital Group is a global investment firm focused on special situations investments in the United States, Europe, and Asia. Founded in 1995 by Marc Lasry and Sonia Gardner, Avenue draws on the skills and experience of over 60 investment professionals and more than 180 employees operating from its headquarters in New York and offices in Europe, Asia, and Abu Dhabi. Avenue has over $12 billion in assets under management.