It has been a long time since a major acquisition has impacted the top 10 of the ink industry. Right after I first joined Ink World, DIC Corporation subsidiary Sun Chemical acquired Coates Lorilleux from TotalFina. Since then, there have been mergers here and there. In 2005, hubergroup, then the sixth-largest ink company in the world, acquired Micro Inks, the 14th largest ink manufacturer. Micro Inks was headquartered in India, and had made strides in the US market.

I mention this as things have now come full circle at hubergroup. In November 2024, MAVCO Investments, a private investment vehicle specializing in businesses across industries in India and owned by select members of the Murugappa family, and funds managed by Avenue Capital Group, a global investment firm, acquired hubergroup. 

hubergroup consists of two divisions: its Print Solutions Division, which is focused on inks, varnishes and printing auxiliaries, and the Chemicals Division, which produces resins, pigments and additives at its plants in India. Overall, hubergroup employs approximately 3,000 people in almost 30 countries and generated annual sales of approximately €812 million in 2022.

“We are excited to announce our partnership with hubergroup, an organization with a rich heritage spanning multiple centuries,” M.A.M. Arunachalam (also known as Arun Murugappan), director of MAVCO Investments, said in announcing the closing. “This collaboration marks our strategic entry into the global print/packaging solutions and allied products. Together with Avenue Capital Group, we are committed to accelerating hubergroup’s growth in key international markets and enhancing its ability to deliver exceptional value to all its business partners worldwide.”

There have been numerous mergers in recent years among suppliers and printers, with the ink side relatively quiet. It’s too early to say whether the acquisition of hubergroup is the start of a trend, but the ink industry will likely be paying close attention.

David Savastano

Ink World Editor

dsavastano@rodmanmedia.com