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TRANSACTION May 2019

VPK Acquires Corenso

NPAC International Inc., a portfolio holding company of Madison Dearborn Partners and a global producer of semi-chemical fluting and high-performance coreboard and cores, has agreed to sell its European and Chinese operations of its coreboard and core producer Corenso to VPK Packaging Group, a leading pan-European fibre packaging solutions company

  • NPAC International Inc., a portfolio holding company of Madison Dearborn Partners and a global producer of semi-chemical fluting and high-performance coreboard and cores, has agreed to sell its European and Chinese operations of its coreboard and core producer Corenso to VPK Packaging Group, a leading pan-European fibre packaging solutions company
  • Corenso’s European and Chinese businesses operate 5 facilities in the Nordics, 7 in continental Europe and 3 in China with a total capacity of 440 kt
  • Corenso offers mainly coreboard, paper & board and film & flexibles
  • VPK CEO Pierre Macharis: "We are delighted to join forces to provide a wider geographical coverage while making optimum use of the network and the expertise of VPK. Our customers can rely on unique quality and service offered by Corex and Corenso. By integrating two additional paper mills, we also provide a strategic, geographical axis for raw material supply from Finland via Belgium to the south of France."
  • Pöyry Capital acted as the exclusive buy-side financial advisor to VPK Packaging Group. Our work included:
    • Overall transaction management
    • Advice on valuation and pricing
    • Advice on negotiations with the seller
    • Advice and support in negotiating the Sale & Purchase contract

Contact information

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