Nordhaven advised Westpak and Flexipack in sale to Walki Group

11 aug 2022

Nordhaven has completed yet another successful transaction in the flexible packaging industry. It advised the owners of Westpak and Flexipack in a dual transaction in which the companies were sold to Walki Group. The acquired companies form an integrated value chain, providing high quality flexible packaging solutions to leading Nordic food brands, with emphasis on products and a proven commitment to dedicated customer service. In 2021 Flexipack and Westpak generated combined sales of about EUR 40 million. Westpak is based in Säkylä, Finland, while the Flexipack production facility is located in Vaasa, Finland.

Walki is a leading producer of technical laminates and protective packaging materials organized under three units: Consumer Packaging, Industrial Packaging and Engineered Materials. Walki’s mission is to accelerate the world’s transition to a zero-waste future in packaging and promote the use of energy efficient materials across industries. It expects a turnover for this year of more than 700 MEUR. One Equity Partners, a middle market private equity firm, has been the main owner of Walki since 2018.

The offering of the acquired companies is complementary and combines Westpak’s and Flexipack’s market knowledge and customer focus with Walki’s strong R&D capabilities and European footprint, thus delivering strong benefits to their customers in the changing market and a successful future for the employees of the sold companies.

"We are highly pleased with the outcome that Nordhaven arranged for us! When we started this process we had several internal targets for a successful transaction, including valuation, commercial terms, and in particular finding the right partner to continue the growth story of our two companies. All of the targets were met - and even exceeded - thanks to Nordhaven. The co-operation with the Nordhaven team was always relaxed and fun, yet still highly professional from start to finish. The sellers are extremely satisfied with the outcome". Jonas Skuthälla, CEO of Westpak and Stefan Söderlund, CEO of Flexipack.

"We are pleased with the results of this competitive international auction process and thankful for the trust placed in us in managing the sale of these two private owned companies. These transactions further enhance our strong position in the packaging sector, where we have previously completed several transactions". Mika Jalamo, Nordhaven partner who was responsible for the project.

The closing of the transaction is pending upon approval from the relevant competitive authorities.

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