CapMan exits Walki Group to One Equity Partners

Nicole Tovstiga
09 April 2018

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CapMan has sold its portfolio company Walki Wisa Group, a wrappings and composite materials producer, to private equity company One Equity Partners.

The deal ends an 11-year holding period under CapMan, which acquired the business in March 2007.

During CapMan's ownership, Walki invested in the construction laminates segment in western and eastern Europe while building its position in the industrial packaging market.

With the fresh capital from mid-market private equity firm One Equity, the company intends to form a platform for buy-and-build opportunities in the markets in which it operates.

The transaction is subject to the approval of the competition authorities and expected to close by Q3 2018.

Walki is the third exit in the last six months for CapMan, along with the sale of dental clinic chain Oral in October 2017 and the IPO of sauna maker Harvia in March earlier this year.

Previous funding
CapMan wholly acquired Walki from UPM-Kymmene Corporation in March 2007. It aimed to grow Walki through organic growth and acquisitions, and to investigate opportunities to continue international expansion into China.

The investment was made via the CapMan Buyout VIII and CapMan Mezzanine IV funds. OKO Bank provided the debt supporting the transaction, according to Unquote Data.

Walki acquired Dutch packaging materials producer Meuwissen Industrie, and building and construction materials distributor Meuwissen Bouwprodukten in October 2011. CapMan stated that its eighth buyout fund supported the deal with a substantial add-on investment in Walki. Both companies were acquired from the family-owned Meuwissen Holding.

Company
Headquartered in Espoo and established in its current form in 1996, Walki produces technical laminates and protective packaging materials. It specialises in the production of fibre-based multi-layer laminate products for markets such as energy saving, construction facings and consumer packaging.

The group is headquartered in Finland with nine production sites across Europe and one in China. Walki generated revenues of €318m in 2017 and employs a staff of 900.

People
CapMan Buyout – Anders Björkell (partner).
One Equity Partners – Johann-Melchior von Peter (senior managing director).
Walki Group – Leif Frilund (president, CEO).