The envisaged industrial diversification is driven by the significant drop in global demand for newsprint throughout the past five years, initiated by increasing digitalization of information and publishing industries. Starting with the change in ownership, Papresa is now executing an ambitious conversion program towards fast-growing products for packaging, which are increasingly used by the e-commerce industry to reduce plastic and improve the environmental sustainability of packaging.
Mr. Miguel Sánchez will be appointed as new CEO of Papresa. Prior to that, Mr. Sánchez was CEO at Barcelona Cartonboard - a former Quantum Group company until 2018 - where he led a successful turnaround process bringing the company back to profitability and expanding its commercial footprint.
Commenting on his appointment, Miguel Sánchez said: "Papresa is a wonderful company with an extraordinary and capable workforce. I am sure that together we will bring the company to the next level, increasing its international presence, expanding the product portfolio and improving the environmental sustainability".
In line with this statement, Quantum is committed to convert Papresa into a leader in environmental sustainability in the sector through a sustainable growth strategy. To this end, Quantum aims to optimize the environmental efficiency of all of the company's processes.
Papresa, currently the eighth largest paper producer in Spain, generated a total turnover of EUR 140m in 2019 with an EBITDA of EUR 21m. The company, located in Errenteria, Gipuzkoa, employs 222 people and currently has the capacity to process 375,000 tons of paper per year.
About QCP: QCP is a manager of funds investing in corporate carve-outs and other special situations across Western Europe. The QCP operations are managed through its Munich headquarters, as well as its offices in Milan and Madrid. As an active and responsible owner, Quantum works closely with local management to ensure that its subsidiaries implement a continuous development plan and growth strategy. The Quantum Group currently comprises 22 companies in eight European countries. Jointly, the group companies employ more than 8,500 people and generate an annual turnover of approx. EUR 2bn.