OpenGate Capital Completes sale of Kotkamills to Finnish Equity Firm MB Funds
Kotkamills is a manufacturer of specialty papers and wood-based products located in Kotka, Finldand.
March 24, 2015 - Private equity firm OpenGate Capital announced that it has completed the sale of Kotkamills Oy, to MB Funds, an independent Finnish private equity firm.
In a collaborative deal, Eagle Industries Oy was founded for the acquisition and is owned by MB Funds, Nordic Mezzanine, Elo Mutual Pension Insurance Company, Finnish Industry Investment and company management. MB Funds is the majority shareholder.
Financial terms were not disclosed.
Kotkamills, located in Kotka, Finland, is a manufacturer of specialty papers and wood-based products.
Managing Director of Eagle Industries, Markku Hämäläinen, has been appointed as the new Chief Executive Officer of Kotkamills, effective March 25.
OpenGate acquired Kotkamills from Stora Enso in July of 2010.
Kotkamills specializes in laminating paper, matt coated bulky paper and sawn products. The company has two production plants in Finland and a subsidiary, L.P. Pacific Films Sdn. Bhd., in Malaysia. Kotkamills' annual production capacity is 200,000 tonnes of Absorbex Kraft Paper and 40,000 tonnes of Imprex products, 180,000 tonnes of Solaris paper, and 230,000 m³ of sawn timber. To learn more, please visit: www.kotkamills.com
SOURCE: Kotkamills Oy and OpenGate Capital