Following the acquisition of an Abelan subsidiary last year, which has meanwhile filed for insolvency, Aurelius has now plans to acquire the whole company.

German investment group Aurelius has announced its intention to acquire Spanish coreboard and solid packaging producer Abelan from PHI Industrial. The transaction is scheduled to be completed at the end of December.

Abelan is headquartered in San Andrés in northern Spain and employs around 250 people across three manufacturing facilities in Spain and France. According to Aurelius, the company is expected to generate sales of approximately €70m in 2017. Abelan has two key areas of expertise: the production of coreboard, for cardboard tubes, boxes and other applications within packaging, and its solid board packaging division, which supplies boxes and trays to distribution brands in the European agricultural, meat, flower, and various other industries.

Aurelius explains that the managing director of Abelan, Simón Roda, will continue to lead the company. The operations of Abelan are planned to be combined with those of Aurelius' investee company Solidus Solutions. "[The acquisition] will strengthen Solidus' access to Southern European markets", says the company.

In June 2016, Aurelius already took over the Northern European activities of Abelan and integrated them into Solidus Solutions. The transaction included, amongst others, the coreboard and solid board manufacturer Abelan Viersen Paperboard in Germany, most recently known as Viersen Paperboard. Shortly after the takeover, 90% of Viersen was sold. This reduction in the shareholding to the remaining 10% also meant the loss of Solidus as a major customer. The Viersen site has meanwhile filed for insolvency.

 

Source: euwid-paper.com

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