CFI advised Andlinger & Company on its acquisition of ESKA Graphic Board from H2 Equity Partners


Amsterdam – CFI acted as the exclusive corporate finance advisor to Andlinger & Company (Ándlinger’) on the acquisition of ESKA Graphic Board (‘ESKA’) from H2 Equity Partners.

ESKA is the market leader in the production and sale of graphic board based on 100% recycled paper. ESKA has two world class board mills in the Netherlands, with a total board production capacity of approximately 310,000 tonnes per annum serving the stationary, luxury packaging, displays & stands, hard cover books and puzzle market. In 2012, the company achieved a turnover of EUR 141 million, of which 95% came from exports.

The production takes place in two modern plants in Hoogezand and Sappermeer in The Netherlands. In addition, ESKA has a unique international sales network with offices in six countries. The company employs approximately 450 staff. ESKA was acquired in 2006 by H2 and management. It has since developed into a leading and profitable player in its niche market. Under the banner of Eska Andlinger, the company will continue to work on its international growth strategy. The management team will remain in place after the acquistion.

Andlinger & Company is an international group of private investors with offices in Brussels, Vienna, New York and Florida.

CFI identified ESKA as an acquisition opportunity for Andlinger, following which CFI introduced Andlinger to H2 and management of ESKA, and the transaction was executed on an exclusive basis. Additionally CFI supported Andlinger in the creation of funding from Delta Lloyd Mezzanine Fund, ING and Rabobank, and thus in the successful transaction with ESKA, which closed in November 2013.

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