H2 Equity Partners sells Reparenco in €460m deal

H2 appointed William Blair & Company to run the sale process.

Unquote reported in 2012 that the GP injected €30m in the business, at the time composed of the Parenco and Reparco divisions.

Smurfit Kappa is a manufacturer of paper-based packaging products with operations in Europe and the Americas. It operates 370 production sites across 35 countries and generated revenues of €8.6bn in 2017. The group is headquartered in Dublin.

Previous funding
In August 2012, H2 acquired Netherlands-based paper mill Parenco and recovered paper business Reparco from Norwegian paper producer Norske Skog. The transaction, part of Norske Skog's effort to reduce net debt, was valued at around €30m. Debt was provided by ING.

At the time of the acquisition, only one of the two paper machines was in operation at the plant, but H2 was aiming to find a market to bring operations to full capacity again.

In 2015, Parenco benefited from a €100m asset-based funding package to convert its second paper machine, which was idled in 2009 by its then owner due to the declining demand of newsprint paper. With this investment, approximately sixty new jobs were created at Parenco.

Company
Reparenco operates a two-machine paper mill in the Netherlands,  together with a recovered-fibre operation.

The company's gross assets total €189m, while an EBITDA of €41m was generated in the 12 months to April 2018. Reparenco is predicting an EBITDA of €72m by the end of 2018. The business is headquartered in Renkum and employs 315 staff.

People
Reparenco – Geert Wassens (managing director).

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• Topics
• Exits
• Benelux
• Industrials
• Netherlands
• H2 Equity Partners
• Trade sale