RDM GROUP ACQUIRES ESKA GROUP, GLOBAL LEADER OF SOLID BOARD
July 7, 2021Reno De Medici S.p.A. announces it has signed an irrevocable commitment to acquire 100% of the share capital of Fineska B.V., the Dutch holding company of “Eska” Group. The seller, Andes C.V. is a vehicle controlled by the US investment firm Andlinger & Co.
The Eska Group is a global leader in the production of solid board based on 100% recycled fibers in its two factories located in The Netherlands (in Sappemeer and Hoogezand), with an overall installed yearly capacity of 290,000 tons. Solid-board applications range from luxury packaging to bookbinding, from puzzles & games to stationery.
With headquarters in Sappemeer (The Netherlands), Eska, in addition to the two production mills, has three service centres with cutting and warehouse activities respectively in the Unites States, Italy, and Spain. It also has commercial offices in the UK and Hong Kong.
In the financial year ended December 31, 2020, based on Dutch GAAPs, Eska Group’s Gross Sales totalled €149.7 million, EBITDA was €24.6 million and Net Profit was €12.7 million. Net Financial Debt amounted to 2.5 million at December 31, 2020.
The transaction closing is expected to occur no later than July 31, 2021, subject to the aforementioned completion of the consultation procedures in The Netherlands and fulfilment of certain conditions precedent, of which transaction financing.