INVL invests €30m in Grigeo carve-out

The GP will tap its INVL Baltic Sea Growth Fund for the investment, a vehicle currently fundraising towards a €200m target.

BSGF Salvus, a subsidiary of the fund, will acquire 49.99% of the division's shares in a two-part transaction. In the first phase, the company will issue new shares to INVL, comprising 33.33% of the share capital for €15m. The fund will then invest a further €15m in the company to increase the stake to 49.99%.

The company will use the investment, as well as debt financing and cash available from other parts of the business, to support the construction of a new paper production plant. The total investment required for the new facility is expected to be €150m.

Company
Grigeo's cardboard business generated revenues of €72m in 2018 and employed 400 people. It makes cardboard for a range of uses including toilet paper rolls and packaging. The group was founded in 1823.

People
INVL Asset Management – Darius Šulnis (managing partner).

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