Second-round bids due next months for Kotkamills - report

According to the report, bidders in the second round for the MB Funds-backed company include strategics and some private equity firms. Triton Partners is one of the GPs vying for the company.  

The company is being marketed based on EBITDA of around €55m, and Macquarie Capital has been appointed as the sellside adviser, the report said.

The sale process comes five years after Eagle Industries, a newco formed by MB Funds, Nordic Mezzanine, Elo Mutual Pension Insurance Company, Finnish Industry Investment and Kotkamills management, acquired the company from Opengate Capital.

The sale was expected to be signed by the end of 2020, but the process has not been straightforward as there are many different types of buyers with different views on the asset, a source told Mergermarket. The pandemic is also causing some uncertainty and carrying out site visits has been difficult, the source said.

Founded in 2010 and headquartered in Kotka, Kotkamills is a manufacturer of cardboard packaging. Its brands include Absorbex, a producer of saturating base kraft paper for the laminate and plywood industries, and Aegle and Isla, producers of recyclable, repulpable and renewable card boards for the packaging and food service industries.

The company generated revenues of €343.8m in 2019 and has more than 200 employees. 

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• Topics
• Buyouts
• Exits
• Nordics
• Industrials
• Macquarie Group
• Triton Partners