# Novus Holdings to acquire South African packaging maker ITB Manufacturing

Novus Holdings agreed to acquire control of ITB Manufacturing, a South African maker of flexible packaging and security bags, through its subsidiary Paarl Media. Purchase consideration is R180 million plus an EBIT-based amount, capped at R300 million in aggregate.

- Type: Acquisition
- Announced: 2017-09-19
- Where: KwaZulu-Natal and Gauteng, South Africa
- Value: $22.0M (300.0M ZAR)
- Status: announced
- Products: tamper-evident security bags, flexible plastic packaging
- Sectors: [Packaging](https://endata.com/sectors/packaging.md), [Plastics and Polymers](https://endata.com/sectors/plastics-polymers.md)

## Companies

- [Novus Holdings](https://endata.com/companies/2082.md) (acquirer)
- [ITB Manufacturing](https://endata.com/companies/2083.md) (target)

## Sources

- [sharenet.co.za](https://www.sharenet.co.za/v3/sens_display.php?seq=54&tdate=20170919160000), 2017-09-19: "The purchase consideration in aggregate shall not exceed an amount of R 300 million."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.