Quantum Group sells Barcelona Cartonboard to Reno de Medici

Barcelona/Munich, 31 October 2018 - Quantum Capital Partners (QCP) today announced that one of its investment funds completed the divesture of Barcelona Cartonboard S.A.U. to Reno de Medici S.p.A. - the leading Italian and second-ranked European producer of cartonboard made of recycled fibres material.

Founded in 1967, Barcelona Cartonboard operates in the business of coated cartonboard produced primarily from recycled fibre (WLC - White Lined Chipboard). The company also produces boxes from virgin fibre (FBB - Folding Box Board), a business segment developed since the end of 2016. Headquartered and with production plant in Castellbisbal, Catalonia, the company has an annual production capacity of 180,000 tons and employs approximately 230 people.

Quantum acquired Barcelona Cartonboard from Stora-Enso in October 2015 and organised major operational and machine improvement investments, totalling over EUR 18m in the two-year period from 2016 to 2017, which turned Barcelona Cartonboard into a leading European paper mill in terms of production capacity, speed and machine width. Today, the plant is one of the most modern ones in the world, recognised for the exceptionally high quality of produced cartonboard.

Barcelona Cartonboard and QCP worked through a 3 years turnaround phase, improving EBITDA from EUR 1.5m in 2015 to a pro-forma expected 2018 EBITDA of EUR 8.2m. The purchase price is based on an Enterprise Value of EUR 46.4m.

QCP was advised by Pyöry Capital (M&A) and Fieldfisher Jausas (Legal).

Steffen Görig, CEO & founder of QCP comments: "We would like to thank Miguel Sanchez and his team for 3 years of joint work in this turnaround project. We believe that Barcelona Cartonboard will benefit from Reno De Medici's expertise in the production of recycled fibre cartonboard and enjoy economies of scale deriving from belonging to this group."

About QCP: QCP is a manager of funds who invests in corporate carve-outs and other special situation across Europe (the Quantum Group). The QCP operations are managed through its Munich headquarters, as well as its offices in Milan and Madrid. Quantum Group acquires companies with significant potential for operational improvements, growth and development. As an active and responsible owner, Quantum Group works closely with local management to ensure that its subsidiaries implement a continuous development plan and growth strategy. Since its inception in 2008, the Quantum Group has acquired a variety of businesses from world-leading companies such as Robert Bosch, Stora Enso, Dürr, Airbus, Nestlé, Mahle, Tenneco and Norsk Hydro. With a total of 22 completed acquisitions since 2014, the Quantum Group is one of the most active investors in its sector.