Grigeo AB purchases a tissue paper factory in Poland
On 26 September 2023 Grigeo AB (hereinafter - the Company) signed the preliminary share purchase agreement with Głuchołaskie Zakłady Papiernicze Sp. z o.o. (hereinafter - GZP) regarding the acquisition of 100% of the shares of the subsidiary company of GZP which will manage the tissue paper business in Niedomice, Poland.
The transaction is planned to be completed within 6 months from the signing of the agreement, subject to the conditions precedent specified in the agreement. The Company plans to finance this acquisition from its own financial resources.
Based on unaudited data, the annual turnover of the GZP division in Niedomice for 2022 was EUR 40 million, with an EBITDA of EUR 3.8 million. According to available data, the estimated enterprise value is EUR 22 million.
In 2022, the annual turnover of Grigeo AB company group (hereinafter – the Group), consisting of Grigeo AB, Grigeo Packaging UAB, Grigeo Baltwood UAB, Grigeo Klaipėda AB, Mena Pak AT, Grigeo Recycling UAB, Grigeo Recycling SIA and Grigeo investicijų valdymas UAB reached EUR 203.2 million, which is EUR 40 million more than in 2021. The EBITDA (earnings before taxes, interest, and depreciation) of the Group amounted to EUR 21.4 million in 2022, a decrease of 9.7% compared to 2021 (EUR 23.7 million). In 2022, the net profit of the Group was EUR 10.6 million, representing a 14.5% decrease compared to 2021.
A press release is attached to the notice.
Chief Executive Officer
+370 5 243 58 01