EQT's Munksjö to merge with Ahlstrom division

Following the transaction, current Munksjö shareholders (including EQT) will own approximately 29% of the new company (named Munksjö Corporation and based in Stockholm), while Ahlstrom shareholders will own approximately 50%. The remainder of the shares have been offered in a fully subscribed €100m directed share issue to institutional investors Varma and Ilmarinen as well as Ahlstrom and EQT, investing via its EQT III fund. The business is planning to list in Q1 2013.

Previous funding
EQT, investing via the EQT III fund, acquired Munksjö AB from parent company Jefferson Smurfit Group in 2004 for €450m. Deutsche Bank arranged debt facilities for the transaction.

Since then, parts of Munksjö have been divested while acquisitions were made. The business notably acquired the decor, abrasives, thin paper and fine arts businesses of ArjoWiggins in 2011 for €95m.

Company
Munksjö Corporation will be a global speciality paper producer with combined net sales of €1.3bn in 2011. The new company will have approximately 3,300 employees and 16 production sites in Europe, Brazil and China.

People
Caspar Callerström led the deal for EQT. Jan Åström is president and CEO of Munksjö; he will become the president and CEO of the new company.

Advisers
Equity – SEB Enskilda (Corporate finance).

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• Topics
• Nordics
• Exits
• Industrials
• EQT
• Partial sale