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TRANSACTION June 2018

Quantum Capital Divests Barcelona Cartonboard

Quantum Capital Partners has reached an agreement to sell Barcelona Cartonboard to Europe’s second largest producer of cartonboard made of recycled fibers, Reno de Medici

Founded in 1967, Barcelona Cartonboard operates in the business of coated cartonboard produced from recycled fibers (WLC – White Lined Chipboard) and from virgin fibers (FBB – Folding Box Board), a business segment developed since the end of 2016

Headquartered and with production plant in Castellbisbal, Spain, the company has an annual production capacity of c. 180k t and it employs approx. 230 people

Following strategic investments of over €18m over the holding period of Quantum Capital Partners, Barcelona Cartonboard is Spain’s largest cartonboard producer, one of the most important paper mills in Southern Europe and ranked seventh in Europe in WLC sector

In 2017, Barcelona Cartonboard recorded Sales of €122.3m and EBITDA of €5.1m. As of 31st December 2017, Net Financial Debt amounted to €11.5m

The price is based on an Enterprise Value of €46.4 Million - calculated on a pro-forma 2018 EBITDA of €8.2 Million – and on an estimated NFP of ca. € 9.9 Million. The price will be subject to subsequent contractual adjustments resulting from the level of the NFP and the working capital on the effective date of the transaction

Pöyry Capital acted as the exclusive financial advisor to Quantum Capital Partners

Pöyry Capital was the lead advisor to the Seller in the execution and negotiation of the transaction

Contact information

Celedonio Moncayo-Quiros
Head of Pöyry Capital (Forest Industry and Packaging Investment Banking)