The owners of AS Toftan and the management board of Combiwood Grupp OÜ have signed an agreement under which Combiwood will acquire 100% of the shares in AS Toftan. Completion of the transaction is subject to customary competition authority approval. AS Toftan will continue to operate under its current name and brand, with Martin Arula remaining as CEO.
Combiwood is one of Estonia’s leading vertically integrated woodworking groups, employing approximately 900 people with annual revenues of around Euro 210 million. The group operates several timber processing factories across Estonia. The acquisition of AS Toftan, a profitable company with modern production capacity in Southern Estonia, is well aligned with Combiwood’s portfolio. The transaction is expected to support the company’s long-term growth and continued investment in sustainable wood processing.
Together, the two companies will have combined revenues of approximately Euro 276 million and a total of around 990 employees.
