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AFRY Capital Transactions

Since 2000, we have advised on over 80 completed transactions with an aggregate value of nearly EUR 12 billion.

We have been consistently ranked in the top 5 M&A advisers for paper, pulp and packaging M&A in Europe and our team includes bankers who have advised on many of the most significant gas, power and infrastructure transactions in Europe.

In the past four years we have carried out assignments in, or for clients from, Austria, Belgium, Brazil, China, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Hungary, Latvia, Luxembourg, Mexico, The Netherlands, New Zealand, Nigeria, Norway, Panama, Poland, Portugal, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States and Uruguay.

A selection of our more recent transactions appears below


Hayco acquires CTR Group Arrow pointing right
Project Lotus

Founded in 1991 by Pedro Queiroz Vieira and Vitor Oliveira, CTR Group develops and supplies household devices for air care, pest control and other product areas including pet care products to large multinational FMCG companies. CTR has 1,100 employees in Portugal, China, India and the United States.

Based in Hong Kong, Hayco is a privately owned manufacturing conglomerate founded in 1983 by Donald Hay. Hayco employs over 6,000 people at its four facilities in Southern China and the Dominican Republic. For 39 years Hayco has been the partner of choice for the world’s leading FMCG companies.

Having supported Hayco on an extensive target search, AFRY Capital advised Hayco on this transaction.

BC Partners and Bain Capital's Joint Acquisition of Fedrigoni Arrow pointing right
Project Ferrari

Fedrigoni is a leading player in the production of self-adhesive products for labels and specialty paper for packaging and graphic use.

Based in Verona, Italy, the company operates from 52 production sites in Europe, the Americas and Asia, and a presence in 132 countries. The company has 5,000 employees throughout the world.

BC Partners is a leading investment firm with over €40 billion in assets under management.

AFRY Capital acted as financial adviser to BC Partners on this transaction which was the largest M&A transaction in the world in the paper sector in 2022.

Paine Schwartz sells ScanBio Marine Arrow pointing right
Project Luminor

ScanBio Marine Group is a seafood waste management company turning fish waste into high value products.

Based in Trondheim, Norway, the company operates a fleet of vessels and trucks which collect fish waste from fishing and fish processing industries in Norway and elsewhere and processes the material, supplying the Animal Nutrition and Biogas markets. The company recycles over 180,000 tonnes of waste each year.

With offices in New York and San Francisco, Paine Schwartz is a private equity firm specializing in sustainable food chain investing.

AFRY Capital acted as financial adviser to Paine Schwartz on this transaction.

Acquisition of Scandstick by Beontag Arrow pointing right

Beontag has acquired Scandstick AB, one of Europe's leading manufactures of self-adhesive label stock material for the label printing industry. Scandstick’s headquarters and main production plant are in Höganäs (Sweden). It also has factories in Aalst (Belgium) and Celje (Slovenia). The company’s product portfolio encompasses a wide range of face materials including paper, films, thermal, thermal transfer and tags.

Based in Brazil, Beontag was established in 2011 by the merger of two major companies with more than 50 years of experience: Colacril, a self-adhesives company with a strong market presence in Latin America, and RR Etiquetas, one of the largest Brazilian producers of self-adhesive labels for retail, industry, and services.

AFRY Capital acted as financial adviser to Beontag

Powerstar raises capital from SCF Partners Arrow pointing right

Powerstar, an energy transition company provider of power resiliency, microgrids, and energy efficiency equipment, raises capital from US private equity firm SCF Partners, focused on providing equity capital and strategic growth assistance to leading energy service and equipment companies.

Established in 2001 and based in Sheffield (UK), Powerstar delivers energy efficiency solutions such as behind-the-meter battery storage and dynamic voltage regulation (DVR) to I&C clients worldwide.

AFRY Capital acted as exclusive financial adviser to Powerstar throughout this process.

Sale of Fedrigoni’s Italian security business Arrow pointing right

Fedrigoni Spa, a leading speciality paper company based in Italy, sold its security business based in Bollate (Italy), specialised in the production of security features, to Portals, a global specialist in banknote and security paper production

Portals also acquired an option to purchase certain banknote paper and passport paper assets (including production machinery) from the Fabriano (Italy) security division of Fedrigoni

Due to the nature of the products developed and manufactured by Fedrigoni’s security business the sale process was conducted under conditions of extreme confidentiality and sensitivity


AFRY Capital acted as financial adviser to Fedrigoni throughout this process

Acquisition of AR Packaging by Graphic Packaging Arrow pointing right

Graphic Packaging Holding Company acquired from CVC Capital Partners Fund VI AR Packaging Group AB (“AR Packaging”), Europe’s second largest producer of fiber-based consumer packaging, for approximately $1.45 billion in cash.

The combination enhances Graphic Packaging’s global scale, innovation capabilities, and value proposition for customers throughout Europe and bordering regions. With a broad set of industry-leading packaging solutions, design expertise, and expanded geographic reach, the combined company will be uniquely positioned to capture continued organic growth opportunities across existing and new global customers and markets.

The acquisition of AR Packaging is expected to add $1.1 billion in annual sales and $160 million in annual Adjusted EBITDA. In addition, the combination is expected to drive total synergies of $40 million over 36 months following close.


AFRY Capital advised Graphic Packaging on the transaction, including support for filings made to competition authorities

Acquisition of Agronergy by Vantage Infrastructure Arrow pointing right

Vantage Infrastructure has acquired a controlling stake in Agronergy SAS, a French renewable heating specialist, providing turnkey biomass and geothermal heating solutions to residential, office and public buildings, as well as to municipal district heating networks

Agronergy’s mission is to contribute to France’s objective to reduce CO2 emissions from buildings, in line with the country’s 2030 and 2050 decarbonisation targets

Vantage Infrastructure (previously known at Hastings Infrastructure) manages over 70 investments in the energy, environment, transportation, data infrastructure and social infrastructure sectors across Europe, North America and Australia


AFRY Capital acted as financial adviser to Vantage Infrastructure

Sale of Shotton Newsprint Mill by UPM Arrow pointing right

UPM has sold its Shotton newsprint mill site in North Wales, UK and all related assets (including a substantial renewable energy generation plant and material recovery and recycling facility) to Eren Paper Ltd, a subsidiary of Modern Karton Sanayi Ve Ticaret A.Ş., the containerboard and corrugated packaging business of the Turkish industrial conglomerate Eren Holding

Eren plans to convert the mill to produce containerboard with an annual output of 650,000 tonnes. It will also build a 210,000 tonne per annum tissue production facility on the land that it acquired

The sale was a the result of a managed auction process. The published transaction value was GBP 140 Million


AFRY Capital acted as exclusive financial adviser to UPM

Acquisition of Stora Enso’s RFID business by Beontag (formerly CCRR) Arrow pointing right

Following an extensive screening process, Beontag a leading producer of Electronic RFID tags based in Brazil, identified the ECO RFID business of Stora Enso as an important complement to its growth strategy.

Based in Finland, the business, now named Beontag RFID, is a RFID research and production business unit. It has patented technology for the development of RFID labels with paper antennas known as ECO Tags, which guarantee production and disposal with reduced environmental impact. It is a world leader in the supply of sustainable and ecological ECO tags.


AFRY Capital acted as joint financial adviser to Beontag.

Sale of Multi-Wing Arrow pointing right

The ultimate owner and CEO of Multi-Wing has sold a controlling stake in the business to Altor. The sale was motivated by the need to find a partner for Multi-Wing through its next growth phase, both organically and via acquisitions.

Founded in 1938, Multi-Wing is a global market and technology leader in customized axial fans for HVAC/R and engine cooling applications.

Headquartered in Denmark and with 380 employees across the world, the company operates 13 production centres, three development centres and several sales sites across North America, Europe and Asia Pacific. The company distributes its products to over 5,500 customers in over 80 countries.


AFRY Capital supported the Company in a detailed strategy review and managed a highly competitive auction process that attracted interest from several corporate and financial parties.

Sale of Cenpa by Mutares Arrow pointing right

Mutares SE & Co. KGaA has sold its subsidiary Cenpa to Accursia Capital.

Cenpa is one of the leading independent coreboard mills in Western Europe and serves customers in the hygiene paper sector, in the industrial cores market and in the packaging industry.

The company was acquired by Mutares in 2016 from the Sonoco Group and employs ca. 90 employees and is expected to generate revenues of approx. EUR 30 million in 2021.

Accursia Capital is a Munich-based investment holding company and invests in medium-sized industrial companies.


AFRY Capital acted as financial adviser to Mutares.

Sale of FibreLean Technologies Arrow pointing right

FiberLean Technologies, a leading manufacturer of an innovative, sustainable composite material, has been acquired by The Werhahn Group.

Formed in 2016 as a joint venture and previously owned by Imerys SA and Omya International, FiberLean Technologies FiberLean Technologies is a pioneer in commercialization of cellulosic nanomaterials, providing solutions and technology for international customers, among others in the paper and packaging, food and building materials industries.

Part of the acquisition of FiberLean Technologies involved the purchase of four MFC production facilities at sites in the U.S., India and France.

Wilh. Werhahn KG was founded more than 175 years ago as a diversified family business. Today, the group of companies is engaged in a wide range of activities in Germany and abroad in the fields of building materials, consumer goods and financial services.


AFRY Capital acted as exclusive financial adviser to FibreLean Technologies.

Acquisition of Ahlstrom-Munksjö by Bain Capital Arrow pointing right

Bain Capital, together with Ahlström Capital as well as Viknum and Belgrano Inversiones, announced a public tender offer for the Company in September 2020.

In February 2021, having received 90.6% acceptances, the tender offer was successfully completed.

Headquartered in Helsinki, Ahlstrom-Munksjö produces a vast range of specialty paper products for various end markets. Examples include compostable food and beverage processing and packaging materials, liquid and air filtration media, diagnostic materials and protective medical fabrics.

The company operates 45 plants in 14 countries and employs 7,800 people. As of 31st December 2020, the Company recorded sales of €2,683m and posted an EBITDA of €334m.

In preparation for Bain’s tender offer AFRY Capital prepared a comprehensive M&A strategy for 16 individual business units of Ahlstrom-Munksjö, together with a detailed valuation of the company.

Sale of Fedrigoni’s specialty paper and security business in Brazil Arrow pointing right
Verona Salto

Fedrigoni Spa, a leading speciality paper company based in Italy, has sold the speciality paper and security business of Fedrigoni Papeis do Brasil to a Brazilian investment business.

At its manufacturing plant in Salto in the State of São Paulo (whose history dates back to 1888) the business produces high quality banknote, security and specialty paper for security-printers, central banks converters and distributors. It is the only producer of banknote paper in Latin America.


AFRY Capital acted as financial adviser to Fedrigoni.

Sale of Apical teak plantations in Panama Arrow pointing right

Following the decision by its investors to wind up the Capricorn Forest Fund, the managers of the fund, IWC, sold Apical Reforestadora S.A. to a North American specialist timberland investment company.

Apical is a Panamanian entity incorporated in 2009, comprising a portfolio of 4,412 hectares of FSC certified plantation in the Panama Este and Darien region.

The sale followed a competitive auction process among a number of specialist timberland investors.


AFRY Capital acted as exclusive financial advisor to IWC and the Capricorn Forest Fund.

Sale of Papresa by KKR Arrow pointing right

Papresa is the only Iberian manufacturer of newsprint paper, produced from 100% recycled recovered fibres.

The Company is headquartered in Renteria, Spain and is one of the largest, single site, paper manufacturing business in the Iberian peninsula, with an annual capacity of around 375 thousand tonnes. Papresa employs 222 people.

Papresa is the leading producer of newsprint paper in Southern Europe and as of 31st December 2019 recorded sales of €140m and EBITDA of €21m.

Quantum Opportunity Fund II acquired Papresa from KKR with a plan to convert part of the newsprint production into packaging paper while maintaining the Company’s workforce, expanding its current product offering, penetrating new growth markets, promoting the internationalization of the company towards the Asian market and establishing its own sales network in Europe.


AFRY Capital acted as joint financial advisor to KKR.

Acquisition of Acucote by Fedrigoni Arrow pointing right

Fedrigoni SpA has acquired Acucote Inc., a company headquartered in Graham, North Carolina, which develops, manufactures and distributes self-adhesive materials.

With turnover of over $70 million Acucote has a leading position in the US market. It has 142 employees.


AFRY Capital acted as financial adviser to Fedrigoni.

Acquisition of Convert Paper by Adolf Jass Arrow pointing right

Papierfabrik Adolf Jass GmbH & Co. KG, a family-run manufacturer of ecologically friendly papers for corrugated board packaging, acquired Convert Paper, a manufacturer and distributor of corrugated and solid board sheets, located in Gostyn, Poland.

Convert Paper employs approximately 300 people. The company’s product portfolio includes sheets of single and double wall corrugated board, single face corrugated board and solid board.

Convert Paper’s products serve a broad range of industries:

  • Single & double wall corrugated board for e-commerce, shipments and durable goods including home appliances and furniture
  • Solid board for consumer goods packaging requiring the highest printing properties
  • After delivery to packaging manufacturers, single face corrugated board is laminated with solid board and applied as higher-end packaging or marketing stands


AFRY Capital acted as exclusive financial advisor to Adolf Jass.

Sale of stake in Dawang Mill by Stora Enso Arrow pointing right

Stora Enso has sold its 60% equity stake in the Dawang Mill in China, to its joint venture partner, Shandong Huatai Paper.

The Dawang paper mill at Dongying in Shandong province has an annual production capacity of 140,000 tonnes of super-calendered (SC) magazine paper and other publication paper grades based on recovered fibre.

The JV partner Shandong Huatai Paper Co. Ltd is a publicly-listed company on the Shanghai Stock Exchange, China with sales of EUR 1.89 billion in 2018. The company is based in the city of Dongying, China and its primary products include newsprint, coated paper and offset paper.


AFRY Capital acted as financial adviser to Stora Enso.

Acquisition of Corenso by VPK Arrow pointing right

NPAC International Inc., a portfolio holding company of Madison Dearborn Partners and a global producer of semi-chemical fluting and high-performance coreboard and cores, sold the European and Chinese operations of its coreboard and core producer Corenso to VPK Packaging Group, a leading pan-European fibre packaging solutions company.

Corenso’s European and Chinese businesses operate 5 facilities in the Nordics, 7 in continental Europe and 3 in China with a total capacity of 440,000 tonnes per annum.

Corenso offers mainly coreboard, paper & board and film & flexibles.


AFRY Capital acted as the exclusive financial advisor to VPK.

Sale of Ranheim Paper & Board by Pemco Arrow pointing right
Polar Bear

PEMCO AS, a Norwegian-based investment company, sold 100% of Ranheim Paper & Board AS, a leading provider of recycled board and solidboard packaging in Norway, to Fundermax GmbH, a leading European decoration panels producer.

Ranheim Paper & Board operates one facility in Ranheim, Norway, with total production of 106,000 tonnes per annum of recycled board and 28 million m2 of solidboard packaging.

Ranheim Paper & Board’s products include specialty paper, greyboard, containerboard, coreboard and solidboard packaging.


AFRY Capital acted as the exclusive financial advisor to PEMCO.

Investment in Ellalink submarine cable by Marguerite Arrow pointing right

Marguerite II, a pan-European infrastructure fund has agreed to invest in Ellalink submarine telecom cable system.

Scheduled for operation in late 2020, the EllaLink system is a state-of-the-art submarine cable of up to 4 fibre pair designed to meet the growing demand for traffic between Europe and Latin America under a carrier neutral and open access basis.

Linking Data Centers in Madrid, Lisbon, Marseille, Fortaleza and São Paulo, EllaLink will provide express subsea connectivity and offer the first direct fibre pair between Europe and Latin America.

Marguerite II will be the sole equity provider. Other sources of funding include pre-payments by anchor customers, and debt funding, covering the total project cost of EUR 150m.


AFRY Capital acted as sole M&A adviser to Marguerite.

Sale of Phaunos Timber Fund Arrow pointing right

Following the decision of the shareholders of Phaunos Timber Fund voted to wind up the fund, AFRY Capital was appointed by Phaunos to act as its exclusive financial adviser in connection with the sale of the Company’s forestland interests in New Zealand, Brazil, and Uruguay.

Before launching the sale process in April 2018 we carried out extensive pre-marketing to forestland investors across six continents, and when the process was launched over 130 potentially interested parties were contacted. Indicative offers were received at the end of June.

In July Stafford Capital Partners announced a hostile bid to acquire the shares of Phaunos. In September it raised its offer and late that month announced that its offer was unconditional as to acceptances. Stafford’s acquisition of USD 239 million was completed in early November.


From the time of our appointment to completion, shareholders in Phaunos realised a 24% increase in the value of their investment.

Pioneer Point acquires Brockwell Energy Arrow pointing right

Energy and environment infrastructure specialist Pioneer Point Partners has acquired UK energy platform Brockwell Energy Limited from Hargreaves Services plc. Pioneer acquired Brockwell in partnership with global investment firm Davidson Kempner.

Brockwell has several Energy-from-Waste (EFW) and onshore wind projects under development in Scotland with a potential capital requirement of £800 million.

As part of the transaction Pioneer and Davidson Kempner have committed equity funding for Brockwell’s Earls Gate CHP EFW project at Grangemouth and its EFW project at the Westfield site in Fife.

 Development funding has also been made available to fund the ongoing development of the remainder of its portfolio which includes the nationally significant 270MW North Kyle wind scheme.


AFRY Capital acted as financial adviser to Pioneer Point Partners.

Sale of Barcelona Carton by Quantum Capital Partners Arrow pointing right

Quantum Capital Partners has sold Barcelona Cartonboard to Reno de Medici, Europe’s second largest producer of cartonboard made from recycled fibre.

Founded in 1967, Barcelona Cartonboard operates in the business of coated cartonboard produced from recycled fibers (WLC – White Lined Chipboard) and from virgin fibers (FBB – Folding Box Board).

Headquartered and with a production plant in Castellbisbal, Spain, the company has an annual production capacity of c. 180,000 tonnes and employs approx. 230 people. Barcelona Cartonboard is Spain’s largest cartonboard producer, one of the most important paper mills in Southern Europe and ranked seventh in Europe in WLC sector.

The agreed transaction value was EUR 46.4 Million.


AFRY Capital acted as the exclusive financial advisor to Quantum Capital Partners.

Sale of NorPaper by OpenGate Capital Arrow pointing right

OpenGate Capital sold NorPaper to the Gemayel Freres & Chaoui Industriel Group.

Founded in 1865, NorPaper is the leading independent French producer of White Top Testliner and Brown Testliner for corrugators in France and Western Europe.

NorPaper was created with the combination of two paper mills following OpenGate’s acquisitions of Blendecques’ mill from Cascades in 2011 and Nantes’ mill from DS Smith in 2015.

NorPaper is a top five WTTL producer in Europe and is ranked third among independent producers, with an annual capacity of over 250,000 tonnes with 3 paper machines. It serves the French corrugators market and neighbouring countries.


AFRY Capital acted as the exclusive financial advisor to OpenGate Capital.

Sale of Portals by De La Rue Arrow pointing right

De La Rue Plc sold a 90% stake in its security and banknote paper business, later renamed as Portals Paper, to Epiris, a British private equity fund, and management.

Portals‘s main product categories include:

  • Banknote paper: paper for banknotes printing for most widely used currencies
  • Security paper: paper for the production of passports, high security documents and other identity or anti-counterfeiting solutions

Portals was valued at an Enterprise Value of GBP £68 Million.

As part of the transaction, Portals committed to supply pre-agreed volumes of paper to De La Rue with a pre-agreed price mechanism for the next 10 years. De La Rue will also be Portals’s preferred supplier for security features.


AFRY Capital is acting as exclusive financial adviser to De La Rue.

Acquisition of Fedrigoni by Bain Capital Arrow pointing right

Bain Capital acquired a majority stake in the Italian speciality and commodity paper business Gruppo Fedrigoni for an undisclosed consideration. Gruppo Fedrigoni recorded €1.1 billion of Sales in 2016.

Gruppo Fedrigoni is active in the following 3 segments:

  • Paper: graphic, creative and office paper used for various applications including special luxury packaging, art and drawing, premium publishing and commodity office paper
  • Security: high security document paper, passports and banknotes as well as the related security features needed for identification and anti-counterfeiting purposes
  • Converting: self-adhesive papers cut for the manufacturing of Pressure Sensitive Labels used for applications in the wine & spirits, premium cosmetics and pharma, premium beers and edible oil


AFRY Capital acted as financial adviser to Bain Capital. Our work included the benchmarking of Fedrigoni’s divisions against its major competitors in each market, mapping bolt-on targets, actionability analysis and valuation.

Acquisition of Cham Paper Group by Sappi Arrow pointing right

Sappi Limited, a leading global producer of dissolving wood pulp, speciality and packaging papers, graphic (printing and writing) paper and biomaterials, has acquired the speciality paper business of Cham Paper Group Holding AG.

The specialty paper business of Cham Paper is active in the following three segments:

  • Consumer goods: papers for flexible packaging and for label printing. These are used in the food, non-food, cigarette, beverages and pharmaceutical industry
  • Industrial Release: base papers for the pressure sensitive market which, after siliconisation, are used for tapes and self-adhesive labels. It also supplies papers for process liners in industrial uses
  • Digital Imaging: coated papers for digital large format, industrial inkjet and digital textile printing

The transaction value was CHF 146.5 million.


AFRY Capital acted as exclusive financial advisor to Sappi.

Sale of Abelan Group in Spain and France Arrow pointing right
Dali North

PHI Industrial Acquisitions has sold the commercial activities of the Abelan Group in Spain and France to Aurelius.

The business comprises a solid and core board mill in Spain and converting facilities in Spain and France generating a revenue of approx. EUR 70m.


AFRY Capital acted as the exclusive financial advisor to PHI Industrial Acquisitions on this sale.

Sale of ASG Shorewood's Polish Packaging to Mayr-Melnhof Arrow pointing right

ASG Shorewood Group has sold ASG Shorewood’s Polish Packaging Operations to the leading European Folding Carton packaging manufacturer Mayr-Melnhof.

ASG Poland is a leading Eastern European Manufacturer of folding carton packaging for the personal care industry.


AFRY Capital acted as the exclusive financial advisor to Mayr-Melnhof.

Sale of ES-Plastic by RiverRock Arrow pointing right

RiverRock European Opportunities Fund sold ES-Plastic to the French plastic packaging specialist Groupe Proplast.

ES-Plastic is a producer of thermoformed plastic packaging solutions for the European food and non-food markets.


AFRY Capital acted as the exclusive financial advisor to RiverRock.

Acquisition of Norgraft Packaging Arrow pointing right

Graphic Packaging Holding Company has acquired Norgraft Packaging, S.A through one of its wholly owned subsidiaries.

Norgraft is a leading folding carton producer in Spain focused on the food and household goods markets.

Norgraft converts approximately 25,000 tons of paperboard annually and operates two converting plants located in Maliaño and Requejada in Cantabria, Spain.

Headquartered in Atlanta, Georgia, Graphic is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage and other consumer product companies.


AFRY Capital acted as exclusive financial advisor to Graphic Packaging.

Shanying Paper acquires Nordic Paper Arrow pointing right

A wholly-owned indirect subsidiary of Anhui Shanying Paper Industry Co., Ltd. has bought 100% of Nordic Paper AB from Holding Blanc Bleu 5 S.à.r.l and Petek GmbH.

The price agreed for the shares of Nordic Paper was SEK 2,400 million.

Based in Sweden, Nordic Paper is a leading independent speciality paper company focused on greaseproof and MG kraft, sack kraft, and specialty kraft papers.

  • Kraft paper products are used for carrier bags, absorbent paper, industrial bags and sacks and steel interleaving
  • Greaseproof products are converted into baking paper, baking cups, fat wrappers and food containers

Nordic Paper has four manufacturing sites, three in Sweden, one in Norway. It has a high level of integration with 264,000 tonnes of pulp produced in 2016. Total paper-making capacity is 250,000 tpa. The company has c. 600 employees.

Anhui Shanying Paper is listed on the Shanghai Stock Exchange. In aggregate group companies have recycled containerboard manufacturing capacity of 3.5 million tpa, 16 corrugated packaging plants and integrated pulp and tissue making capability producing 400,000 tpa of pulp and 550,000 tpa of tissue.


AFRY Capital acted as exclusive financial advisor to Anhui Shanying Paper.

Cambium Global Divestiture Arrow pointing right
Bristol II

Cambium Global Timberland Limited has entered into a wood supply agreement with Suzano Papel e Celulose, a publicly owned Brazilian pulp and paper group.

Through the agreement Suzano will secure supply of Eucalyptus wood in 2017 from the mature Cambium plantations.

Suzano owns a 1.5 million tonne capacity world-class Eucalyptus pulp mill in Imperatriz in the state Maranhao, north of Cambium’s assets in Tocantins.


AFRY Capital acted as financial advisor to Cambium Global Timberland.

VPK Packaging Acquires Peterson Packaging Arrow pointing right

PEMCO AS, a Norwegian-based investment company, has sold 100% of Peterson Packaging Group AS, a leading provider of corrugated packaging in Scandinavia to VPK Packaging Group, a leading pan-European fibre packaging solutions company.

Peterson Packaging operates six facilities for corrugated packaging conversion across Norway, Sweden and Denmark with a total corrugated packaging capacity of c.245 million m2 and net sales in excess of EUR 150m.

Peterson Packaging offers a wide variety of packaging solutions including in-line boxes, flatbed and rotary die-cuts as well as point-of-sales display servicing both the food and beverage as well as industrials sectors.


AFRY Capital acted as the exclusive sell-side financial advisor to PEMCO.

Sale of Abelan Group in Germany and The Netherlands Arrow pointing right
Dali South

PHI Industrial Acquisitions has signed an agreement with Aurelius, subject to regulatory approvals, to divest the commercial activities of the Abelan Group in Germany and the Netherlands.

The business comprises a paper mill in Viersen and a converting facility in Zutphen generating a revenue of nearly EUR 50m.


AFRY Capital acted as exclusive financial advisor to PHI.

Delta Print & Packaging Acquisition Arrow pointing right

Delta Print & Packaging Limited and its affiliate European Packaging Solutions Poland Sp. Z.o.o. were sold to Huhtamaki.

Established in 1981, Delta Packaging specialises in bespoke printed folding carton packaging for food and food service market for the UK, Western European and Eastern European markets. The business has manufacturing facilities in Belfast, Northern Ireland and Gliwice, Poland.

Delta Packaging was sold at a debt-free purchase price of GBP 80 million.


AFRY Capital acted as financial advisor to Delta Packaging.

Inflexion and Equistone Acquisition of UK Power Reserve Arrow pointing right

Equistone Partners Europe and Inflexion Private Equity together invested in UK Power Reserve, a leading developer, owner and operator of smart, flexible power generation assets in the UK.

UKPR was established in 2010 and has developed, built or acquired generation capacity to grow from a start-up to a substantial independent operator, generating reserve power in times of critical need via its 185MW portfolio.

In December 2014, the company secured a significant number of 15 year Capacity Market generation contracts to nearly triple its existing capacity, which will bring its total portfolio to 533MW across 33 sites throughout England and Wales by 2018.


AFRY Capital acted as financial advisor to Equistone and Inflexion.

Sale of Barcelona Mill by Stora Enso Arrow pointing right

Stora Enso has signed an agreement with Quantum Capital Partners, subject to regulatory approvals, to divest its white lined chipboard mill located in Barcelona, Spain.

The transaction is in line with Stora Enso’s strategy to focus its consumer board offering on high quality virgin-fibre products.

The Barcelona mill is the only recycled-fibre based mill in Stora Enso’s Consumer Board division.

Quantum Capital Partners is a Munich based Private Equity fund focusing on corporate spin-offs.


AFRY Capital acted as the financial advisor to Stora Enso.

Sale of Hungary Mill by Stora Enso Arrow pointing right

Stora Enso has signed an agreement to sell its offset printed micro-flute packaging facility in Komárom, Hungary to Van Genechten Packaging International S.A, a leading Belgian folding carton and micro-flute packaging company.

The Komárom facility manufactures micro-flute, folding carton and rigid boxes with state-of-the-art corrugating, printing, die-cutting and other converting machinery site in close proximity to the Austrian / Hungarian border.

VGPI operates 11 folding carton factories in 8 countries and is a leading European consumer goods packaging solutions company.


AFRY Capital acted as the financial advisor to Stora Enso.

Sale of Chesapeake Specialty Chemical Packaging Arrow pointing right

Irving Place Capital and Oaktree Capital Management have sold Chesapeake Specialty Chemical Packaging to Cerea Partenaire and Bpifrance.

Spec Chem is the largest producer of HDPE in-mould fluorinated high performance rigid plastic packaging in Europe and serves the technically demanding agrochemical and flavour & fragrance industries.

Spec Chem has three production facilities in St Etienne (France), Peremarton (Hungary) and Crewe (UK) as well as a sales office in Paris. It employs around 200 people.


AFRY Capital acted as exclusive financial advisor to Irving Place Capital and Oaktree Capital Management.