Reno De Medici S.p.A. 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.
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.
Michele Bianchi, CEO of RDM Group stated: “This transaction is consistent with the growth strategy we had set forth. It offers us new development opportunities on a broader geographical scale, reinforcing the resilience of our Group performances.
Eska’s product line focuses on specialty grades, similar to the portfolio of Ovaro mill. With its integration in the RDM Group, we aim at implementing the same strategic multi-mill approach that has yielded visible benefits in our core WLC business.”
The Reno De Medici Group is the leading Italian and second-ranked European producer of cartonboard made of recycled fibers material operating also in the manufacturing of virgin cartonboard.
