We advised MB Funds as lead counsel on the sale of Kotkamills Group Oyj to Mayr-Melnhof Group, Europe’s largest producer of cartonboard and folding cartons, for an EV of approximately EUR 425 million. The case fell under the jurisdictions of Germany, Austria, Poland and Lithuania.
The parties successfully requested a referral of the concentration to the European Commission. In addition, the concentration was notified in five other jurisdictions outside the EU. It was cleared everywhere without conditions by 29 July 2021.
Kotkamills, located in Finland, is a global company manufacturing innovative products created from wood. Kotkamills specializes in the production of barrier board, both Folding Boxboard (FBB) and Foodservice Board (FSB), and Saturating Base Kraft paper (SBK) at its integrated mill in Kotka, Finland. In addition, Kotkamills is a producer of whitewood. In 2020, Kotkamills had approximately 500 employees and sales of approximately EUR 380 million.
MB Funds is a leading Finnish private equity investor founded in 1988. Total assets under MB Funds management stand at EUR 0.5 billion with prime Finnish institutions as its main fund investors. MB Funds has successfully invested in approximately 40 mid-sized companies in the Nordics.
Mayr-Melnhof Group (“MM”) is Europe’s largest producer of cartonboard and folding cartons. The services of MM are focused on these core businesses, which are managed in two operating segments, MM Karton and MM Packaging. MM Karton has six European cartonboard production locations with a total annual capacity of more than 1.7 million tons. The product range covers the entire range of recycled cartonboard grades rounded off by a growing position in virgin fiber-based cartonboard. MM Karton has sales worldwide with a focus in Europe. The group employs around 10,000 people and generates sales of around EUR 2.5 billion.
Case Reference
Transaction Powerhouse – Sale of Kotkamills to Mayr-Melnhof Group