London-based private equity fund Oceanwood has purchased paper manufacturing giant Norske Skog.
Oceanwood paid €235m ($398m) for Norske Skog, which has seven manufacturing plants around the world, including one in New Zealand and two in Australia. For sale since December, the company attracted great interest with more than 100 prospective buyers.
The New Zealand operation employs around 160 staff and manufactures up to 150,000 tonnes of paper each year. It supplies most of New Zealand’s newsprint.
Oceanwood investment adviser John Chiang says the company wants to protect the operating companies. He says, “With the subsequent auction process now concluded, we are very excited to team up with Norske Skog’s management and employees.
“We share the ambition to see the new Norske Skog Group succeed and to realise the potential that we believe is inherent in the business as it continues to transform and grow.”
