H2 Equity Partners sells Eska

Following the acquisition, Eska will be renamed Eska Andlinger. Its current management team will remain in place and Andlinger will assist the company with its current internationalisation strategy.

H2 backed the management buyout of Eska in October 2006. The deal was sourced via an auction process, according to unquote" data. The firm acquired Eska in a secondary buyout from a syndicate led by US private equity house Madison Dearborn Partners.

The company was in a loss-making position when acquired by H2, according to partner Peter Kroeze. H2 began a turnaround strategy to grow the business and decided once Eska began experiencing autonomous growth that it was time to find a buyer. However, Andlinger ultimately approached H2 with an offer, Kroeze said.

Kroeze added that the company is now generating a "very decent" EBITDA figure.

Company
Established in 1994, Eska has production facilities in Sappemeer and Hoogezand with international offices based in Germany, Italy, Spain, the UK, Singapore and the US. The company employs around 450 staff and recorded turnover of €141m in 2012, 95% of which was generated from exports, according to H2.

Eska was established as the result of a merger between two mills in the Netherlands: Cartonfabriek Beukema and Kappa Karton. The business was originally named Kappa Graphic Board but was renamed Eska at the time of H2's acquisition, when it became an independent company.

Eska manufactures and supplies graphic boards, designed for use in the production of hardcover books, ringbinders, diaries, puzzles and luxury packaging. The company claims to supply more than 250,000 tonnes of graphic boards per year on a worldwide scale.

People
Kees van Zijderveld is the CEO of Eska. Peter Kroeze is a partner at H2.

Advisers
Vendor - Pöyry Capital (Corporate finance); Houthoff Buruma (Legal); Deloitte (Financial due diligence).
Acquirer - MBCF (Corporate finance); KPMG (Financial due diligence); Allen & Overy (Legal).

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