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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 80 completed M&A transactions with an aggregate value of nearly €12 billion.

Recently we have advised:

  • Paine Schwartz on the sale of ScanBio Marine, a seafood waste to product company in Norway, to Pioneer Point

  • UPM on the sale of its newsprint mill in Shotton, North Wales to Eren Holdings of Turkey

  • The International Woodland Company (Denmark) on the sale of Apical Reforestadora which owns and manages a teak plantation in Panama

  • The owner of Multi-Wing (Denmark), a heating, ventilation, cooling and refrigeration solutions business, on its sale to Altor

  • Bain Capital on its successful tender offer for Ahlstrom-Munksjö (Finland/Sweden)

  • Vantage Infrastructure on its acquisition of Agronergy, a renewable heat business in France

A summary of our transaction experience appears here.

Our team of 15 bankers is drawn from diverse backgrounds and nationalities, speaking over 15 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 Arrow pointing right

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
  • Pfleiderer on the sale of two wood products businesses in Poland (completion pending)

Contact

Tom Blake, Managing Partner

+44 20 7479 4013 tom.blake@afry.com

Pulp and Paper Arrow pointing right

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:

  • 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
  • BeonTag on its acquisition of Scandstick, a Swedish manufacturer of self adhesive labelstock
  • Bain Capital on its successful tender offer for Ahlstrom-Munksjö (Finland/Sweden)
  • Sappi on the acquisition of Cham Paper, speciality paper business in Italy
  • Papierfabrik Adolf Jass on the acquisition of Convert Paper in Poland, a manufacturer of corrugated and solid board sheets

Contact

Sandra Bowhay, Managing Director

+44 20 7479 4001  sandra.bowhay@afry.com

Packaging Arrow pointing right

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:

  • 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
  • Mayr-Melnhof Karton on its acquisition of ASG Shorewood’s personal care packaging operations in Poland

Contact

Sandra Bowhay, Managing Director

+44 20 7479 4001  sandra.bowhay@afry.com

Industrial Manufacturing Arrow pointing right

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:

  • 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

Contact

Sven Leissler, Managing Director

+44 20 7479 4002 sven.leissler@afry.com

Energy Transition and Renewables Arrow pointing right

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:

  • 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

Contact

Luc Avérous, Managing Director

+44 20 7479 4015 luc.averous@afry.com

Tom Blake, Managing Partner

+44 20 7479 4013 tom.blake@afry.com

Energy Utilities and Infrastructure Arrow pointing right

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

Contact

Luc Avérous, Managing Director

+44 20 7479 4015 luc.averous@afry.com

Tom Blake, Managing Partner

+44 20 7479 4013 tom.blake@afry.com

AFRY Capital Transactions

AFRY Capital contacts

Tom Blake - Managing Partner, AFRY Capital

Tom Blake

Managing Partner, AFRY Capital

Contact Tom Blake

For sales enquiries, please complete this form. For all other enquiries, please visit our offices and contacts page.

AFRY is committed to protecting your privacy and keeping your personal data secure. We process personal data in accordance with the applicable laws, regulations and our privacy policy.

Sandra Bowhay - Managing Director, AFRY Capital

Sandra Bowhay

Managing Director, AFRY Capital

Contact Sandra Bowhay

For sales enquiries, please complete this form. For all other enquiries, please visit our offices and contacts page.

AFRY is committed to protecting your privacy and keeping your personal data secure. We process personal data in accordance with the applicable laws, regulations and our privacy policy.

Luc Avérous - Managing Director, AFRY Capital

Luc Avérous

Managing Director, AFRY Capital

Contact Luc Avérous

For sales enquiries, please complete this form. For all other enquiries, please visit our offices and contacts page.

AFRY is committed to protecting your privacy and keeping your personal data secure. We process personal data in accordance with the applicable laws, regulations and our privacy policy.

Sven Leissler - Managing Director, AFRY Capital

Sven Leissler

Managing Director, AFRY Capital

Contact Sven Leissler

For sales enquiries, please complete this form. For all other enquiries, please visit our offices and contacts page.

AFRY is committed to protecting your privacy and keeping your personal data secure. We process personal data in accordance with the applicable laws, regulations and our privacy policy.

Bengt Hammar - Senior Adviser,  AFRY Capital

Bengt Hammar

Senior Adviser, AFRY Capital

Contact Bengt Hammar

For sales enquiries, please complete this form. For all other enquiries, please visit our offices and contacts page.

AFRY is committed to protecting your privacy and keeping your personal data secure. We process personal data in accordance with the applicable laws, regulations and our privacy policy.