7 Oct 2019
Papierfabrik Adolf Jass acquires Convert Paper
FULDA, Germany , 7 October 2019 (Press Release) - Papierfabrik Adolf Jass GmbH & Co. KG, a family-run manufacturer of ecologically friendly papers for corrugated board packaging, is pleased to announce that it has agreed to acquire Convert Paper, a family-owned manufacturer and distributor of corrugated and solid board sheets, located in Gostyn, Poland, following a competitive process.
Convert Paper, also a family-run company, employs approximately 300 people. The company’s business model is based on tailor-made solutions and 24-72h delivery time. Convert Paper’s product portfolio includes sheets of single and double wall corrugated board, single face corrugated board and solid board.
Commenting on the acquisition and highlighting the strong belief in corrugated board packaging, Dr. Marietta Jass-Teichmann, CEO of Papierfabrik Adolf Jass, said: “We are excited by this opportunity to expand our product offering, customer base and packaging expertise. Together with Convert Paper’s management team we look forward to continuing the company’s successful growth path.”
On behalf of the owner family, Wojciech Giermaziak said: “We are very satisfied to find a family-owned organization as an investor, which has similar values to Convert Paper and believes in our company strategy. We are sure that the transaction is beneficial for both sides and will entrench a strong market position for our joint organizations.”
Marcin Grabowski, CEO of Convert Paper: ”With this acquisition we will gain additional opportunities for growing our business with the strong contribution of an experienced paper manufacturer. We are convinced that joining the Jass group is advantageous for both sides and brings a lot of potential for a common future development.”
The transaction remains subject to competition clearance and customary closing conditions and is expected to be completed in November 2019.
Pöyry Capital acted as exclusive financial advisor to Papierfabrik Adolf Jass and Trigon advised the sell side.