Investment Banking – AFRY Capital
Based in London, we are an independent, sector-focused M&A and corporate finance advisory business. Our team comprises investment bankers with extensive M&A experience around the world in our focus sectors.
Almost all our assignments have a cross-border dimension. Since our foundation in 1999 we have advised clients from, or on transactions in, 40 countries across six continents. To date we have advised on over 100 completed M&A transactions with an aggregate value of nearly €15 billion.
Recently we have advised:
- Resalta (Slovenia) on its sale to Aggreko
- BA Glass (Portugal) on its acquisition of Recresco glass recycling (UK)
- Orora (Australia) on its acquisition of Saverglass (France)
- BA Glass (Portugal) on its acquisition of Vidrio Formas in Mexico
- BC Partners on its acquisition of a 50% stake in Fedrigoni (Italy) a leading manufacturer of self-adhesive labels and materials and specialty papers
- Hayco on its acquisition of CTR in Portugal, a manufacturer of household devices for air care, pest control and other product areas including pet care
- Paine Schwartz on the sale of ScanBio Marine, a seafood waste to product company in Norway, to funds managed by Pioneer Point Partners
- UPM on the sale of its newsprint mill in Shotton, North Wales to Eren Holdings of Turkey
- The owner of Multi-Wing (Denmark), a heating, ventilation, cooling and refrigeration solutions business, on its sale to Altor
A summary of our transaction experience appears here.
Our team of 17 bankers is drawn from diverse backgrounds and nationalities, speaking over 14 major languages.
We are a member of Orion International Advisors, an association of investment banking firms located across the world with whom we frequently collaborate on transactions and share best practice.
AFRY Capital (formerly Pöyry Capital) is authorised and regulated by the UK Financial Conduct Authority.
Sector Focus
- Forest and Wood Products
- Pulp and Paper
- Packaging
- Industrial Manufacturing
- Energy Transition and Renewables
- Energy Utilities and Infrastructure
Forest & Wood Products
We have extensive forest transaction experience, having successfully completed sales of timberland holdings, notably in Brazil, Panama, Uruguay, New Zealand, Tanzania and Portugal. Together with AFRY forestry experts we have a broad investor contact base comprising funds, corporates, institutions and many family offices.
In wood products our experience covers downstream value-added products from timber and sawmills through to wood panels and furniture.
Clients also seek our strategic advice on the application of materials generated from forest harvesting. Assignments have included advice on M&A options for a new biomaterial technology business, capital raising for a lignin-to-energy plant and strategic options for a wood pellet producer.
Recently we have advised:
- The International Woodland Company (Denmark) on the sale of Apical Reforestadora which owns and manages a teak plantation in Panama
- Phaunos, owner of timberland interests in New Zealand, Brazil and Uruguay, on its sale to Stafford
- Ence on the sale of its timberland properties in Uruguay
Pulp & Paper
AFRY Capital has the largest dedicated pulp and paper M&A advisory team in Europe.
We have relationships with the key decision makers in the sector. In the past four years we have carried out M&A and restructuring assignments for six of the top 10 global pulp and paper companies, from Asia, Europe and North America.
We have an in-depth understanding of the dynamics of the global pulp and paper industry, enhanced by frequent collaboration with AFRY experts around the world.
In pulp we have experience in all segments of industry from the chemical kraft paper pulps to specialties such as sulphite and dissolving grades.
In paper our advisory experience covers all major most grades where we have advised on restructurings, plant conversion projects, joint ventures, acquisitions and disposals, reflecting the fast-moving developments in the market and the very different prospects for different paper grades.
Recently we have advised:
- BC Partners on the acquisition of a 50% stake in Fedrigoni in Italy, the largest M&A deal in this sector in the world in 2022
- Fedrigoni on the sale of its specialty paper and security features businesses in Brazil and Italy
- UPM on the sale of its newsprint mill in Shotton, North Wales to Eren Holdings of Turkey
- Bain Capital on its successful tender offer for Ahlstrom-Munksjö (Finland/Sweden)
- Sappi on the acquisition of Cham Paper, speciality paper business in Italy
Packaging
AFRY Capital is a leading M&A advisory practice in packaging in Europe.
We are active across all segments of fibre-based packaging, notably including coreboard, solidboard, cartonboard and graphicboard. We have advised on a wide range of recycled based fibre packaging transactions. We have strong relationships with leading players across the world.
We have extensive transaction experience in rigid and flexible plastic packaging across many substrates, notably in PET and HDPE which are increasingly popular in the food and beverage and household products markets and which are extensively recycled. All our recent assignments have involved the requirement for substantial (sometimes 100%) production from recyclate.
In glass packaging we are active in transactions where markets have higher growth potential, for example in luxury bottles for the spirits and cosmetics industries, and in emerging markets.
We are also active in metal packaging where, despite extensive consolidation in the beverage can industry, demand has been picking up due to environmental concerns.
Recently we have advised:
- BA Glass (Portugal) on its acquisition of Recresco glass recycling (UK)
- Orora (Australia) on its acquisition of Saverglass (France)
- BA Glass (Portugal) on its acquisition of Vidrio Formas in Mexico
- BC Partners on its acquisition of a 50% stake in Fedrigoni (Italy) a leading manufacturer of self-adhesive labels and materials and specialty papers
- Graphic Packaging (US) on its acquisition of AR Packaging in the Netherlands
- Pemco on the sale of Ranheim Paper Board to Fundermax
- PHI Industrial Acquisitions on the sale of Abelan Group to Aurelius
Industrial Manufacturing
Our expertise in Industrials M&A was initiated through a strategic partnership with Ermgassen & Co in early 2020. Since then, we have further expanded our team with a strong track record in a number of diverse industrial sectors, including cooling equipment, electric motors, industrial minerals, injection moulding, automotive as well as industrial services and related digital technologies.
We work in markets that require specialist know-how. Our industrials team can be complemented with experts from global AFRY offices who provide unmatched sector advice in niche markets.
Our clients consist of multi-national corporations, family owned businesses and private equity firms in Europe, Asia and North America.
Recently we have advised:
- Hayco, a Hong Kong based FMCG manufacturer, on its acquisition of CTR Group in Portugal which manufactures household devices for air care, pest control and other product areas including pet care
- The owner of Multi-Wing (Denmark), a heating, ventilation, cooling and refrigeration solutions business on its sale to Altor
- FiberLean Technologies, a joint venture between Imerys and Omya, on the sale of the company to Werhahn KG
Renewable Energy & Energy Transition
Our work today reflects the rapidly changing dynamics of the sector, notably the transition towards zero-and low carbon sources of power and the electrification and digitalisation of many elements of the energy sector.
We have considerable transaction experience in renewable energy, including wind, solar, hydro generation and bioenergy, advising on asset and project acquisitions and disposals and on capital raisings for developers and technology solutions providers.
We have carried out several M&A and strategy assignments in energy efficiency and flexibility services, often in collaboration with AFRY Management Consulting teams located around the world. These services have included demand and supply optimisation, battery storage, flexibility and ancillary services, and energy efficiency solutions.
Recently we have advised:
- Resalta (Slovenia), a leading provider of decarbonisation solutions for commercial and industrial customers in Central and Eastern Europe, on its sale to Aggreko
- Vantage Infrastructure on its acquisition of Agronergy, a renewable heat business in France
- Powerstar, a manufacturer of power resiliency, microgrids, and energy efficiency equipment in the UK, on the sale of a minority stake to SCF Partners
- RioTinto on the sale of hydro assets in Scotland
Energy & Utilities Infrastructure
To meet the challenge of the energy transition AFRY forecasts a substantial investment in energy networks and other supporting infrastructure.
Meanwhile thermal generation of heat and power will continue to play an important role in the energy mix, for example in providing valuable reserve capacity and in highly efficient combined heat & power solutions.
We have extensive M&A transaction experience in energy networks and in thermal generation, especially in standby power, an important complement for renewable generation, and in CHP and district heating, notably including energy from waste.
We are also active in other utility infrastructure transactions, notably the purchase and sale of water concessions, telecom networks, and waste recycling and waste-to-product businesses.
Recently we have advised:
- Paine Schwartz on the sale of ScanBio Marine
- Dalkia on its acquisition of Essent Energy Solutions
- Equistone and Inflexion on their acquisition of UK Power Reserve
- Pioneer Point on its acquisition of Brockwell Energy
- Marguerite Fund on its investment in the Magellan sub-sea telecom cable between Spain, Portugal and Brazil