The corrugated paper packaging industry in the Nordics is vital for both sustainability and economic growth. It encompasses manufacturers who specialize in creating eco-friendly packaging solutions, primarily for industries like food, e-commerce, and consumer goods. This sector is witnessing a shift toward biodegradable materials and innovative designs that reduce waste and enhance efficiency. A strong emphasis on environmentally responsible practices is driving recent advancements, with companies increasingly adopting circular economy principles. As consumer demand for sustainable packaging rises, businesses are investing in advanced technologies to improve production and material quality, positioning the industry for robust future growth.

The investors in this list consist of eight corporate investors and six private equity or venture capital firms. They are predominantly based in major Nordic cities like Stockholm and Helsinki, with investment counts in 2024 ranging from one to twenty-eight. Founded between 1949 and 2018, these firms vary in size and investment goals, reflecting a spirited interest in the corrugated paper packaging sector. Their deals in 2024 focused on enhancing operational capabilities and sustainability efforts across key players in the industry, further indicating a trend toward eco-conscious investments.

Top 14 Corrugated Paper Packaging Investors in the Nordics

1. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. In recent years, Almi has participated in various funding rounds, including notable transactions such as Hoting Innovations, which raised SEK 38 million to set up a production facility, and GAIA BioMaterials, which closed a $5 million rights issue to expand its network. While Almi's investments span multiple sectors, their involvement in companies focused on sustainable materials indicates a potential interest in the corrugated paper packaging industry, particularly as sustainability becomes increasingly important in packaging solutions.

2. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made several acquisitions relevant to the packaging industry, including Verbeeck Packaging NV in December 2014, which specializes in packaging solutions. This acquisition, along with others like BL Products AB and Topflight AB, showcases Indutrade's commitment to expanding its footprint in the packaging sector, including corrugated paper packaging.

3. Katapult

• Website: katapult.vc
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 8
• LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been involved in several transactions, including a notable investment in Better Packaging Co., which raised $5 million in a Series A funding round to expand its sustainable packaging solutions globally. This investment highlights Katapult's commitment to supporting companies that contribute to sustainability, particularly in the packaging sector. Other transactions include investments in agritech and materials startups, showcasing their diverse portfolio while still maintaining a focus on impactful solutions.

4. Accent Equity

• Website: accentequity.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: accent-equity-partners-ab

Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment. Accent Equity aims to create sustainable growth and superior returns for its clientele across various sectors. Notably, they have been involved in several acquisitions that may relate to the corrugated paper packaging industry, including the acquisition of Eurowrap Group in 2014, which specializes in packaging solutions. Additionally, their acquisition of Triarca and Plockmatic Group indicates a broader interest in companies that may intersect with packaging and related services. Overall, Accent Equity's diverse investment strategy and specific transactions suggest a potential relevance to the corrugated paper packaging sector.

5. Stora Enso

• Website: storaenso.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1998
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: stora-enso

Stora Enso Oyj, founded in 1998 and based in Helsinki, Finland, is a leading corporate investor in the forest industry, specializing in renewable materials and products. The company offers a diverse range of solutions, including packaging, biomaterials, and wooden construction, catering to various sectors such as food, consumer goods, and construction. Stora Enso is particularly focused on sustainability and innovation, helping its customers transition to eco-friendly alternatives. Notably, Stora Enso has made significant investments in the corrugated paper packaging sector, including the acquisition of De Jong Packaging Group for approximately €1.02 billion, which positions them as a key player in the renewable packaging market. Additionally, their participation in the funding round for PulPac, aimed at reducing single-use plastics, highlights their commitment to advancing sustainable packaging solutions. These transactions underscore Stora Enso's strategic focus on enhancing its capabilities and market presence in the corrugated paper packaging industry.

6. Elanders

• Website: elanders.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1908
• Headcount: 5001-10000
• Number of deals in 2024: 2
• LinkedIn: elanders

Elanders is a logistics and printing company based in Gothenburg, Sweden, founded in 1908. The company specializes in integrated solutions within supply chain management, serving diverse industries such as Automotive, Electronics, and Health Care. Elanders has been actively expanding its footprint in the packaging sector through strategic acquisitions. Notably, they acquired Schmid Druck in December 2015, a company known for advanced packaging and unique print solutions, which aligns with their strategy to enhance their offerings in niche packaging products. In 2017, they also acquired Spreckley, a leading automatic stringing facility in Europe, further solidifying their position in the premium packaging market. These transactions demonstrate Elanders' commitment to enhancing their packaging capabilities, making them a relevant player in the corrugated paper packaging industry.

7. Metsä Spring

• Website: metsaspring.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 2018
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: metsaspring

Metsä Spring is a corporate venture capital firm based in Espoo, Uusimaa, Finland, founded in 2018. It operates as the innovation arm of Metsä Group, a leading forest industry company specializing in renewable wood products, including pulp, paperboard, and tissue papers. Metsä Group serves various sectors, including packaging, emphasizing sustainability and efficient resource use. In recent transactions, Metsä Spring has invested in startups like Fiberwood, which raised €3 million in seed funding to develop production capabilities that could enhance the packaging industry. This investment reflects Metsä Spring's commitment to fostering innovation in materials that are likely to impact corrugated paper packaging. Other transactions include investments in companies like Muoto and ExpandFibre, which, while not directly linked to corrugated packaging, indicate a broader interest in innovative materials and technologies that could intersect with the packaging sector.

8. Sca

• Website: sca.com
• Type: Corporate
• Headquarters: Sundsvall, Västernorrland, Sweden
• Founded year: 1929
• Headcount: 1001-5000
• LinkedIn: sca-ecosystem

Svenska Cellulosa Aktiebolaget SCA (SCA) is a corporate investor based in Sundsvall, Sweden, founded in 1929. The company specializes in manufacturing pulp, packaging paper, sawn timber, and pellets, serving various sectors including packaging, construction, and energy. SCA has made significant acquisitions in the packaging industry, including Southeastern Packaging, which they acquired for approximately USD 8.6 million in 2003, enhancing their operations in protective packaging. Additionally, SCA's acquisition of Alloyd in 2003 further demonstrates their commitment to expanding their packaging capabilities. These transactions highlight SCA's strategic focus on the packaging sector, particularly in relation to corrugated paper packaging, making them a relevant player in this industry.

9. Ub Figg

• Website: ubfigg.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2021
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: ub-figg

UB Forest Industry Green Growth Fund (UB FIGG) is a private equity fund based in Helsinki, Finland, founded in 2021. The fund specializes in investments within sustainable and resource-efficient forest and bio-based industries, targeting professional investors in Europe. UB FIGG aims to create positive environmental impacts while providing financial returns through its investments. In 2024, Ub Figg has been involved in several notable transactions, including a venture round for Paptic, a Finnish packaging company focused on sustainable materials, which raised approximately $4.9 million. Additionally, they participated in a €23 million Series A funding round for Paptic, further supporting the company's growth and commitment to carbon neutrality by 2030. Their acquisition of FiberLean Technologies also highlights their interest in innovative materials that could be relevant to the packaging industry. Overall, Ub Figg's focus on sustainable investments and their active participation in the packaging sector positions them as a relevant investor in the corrugated paper packaging industry.

10. Ahlström Capital

• Website: ahlstromcapital.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: ahlstromcapital

Ahlström Capital is a private equity firm based in Helsinki, Finland, founded in 2001. The firm specializes in industrial ownership within the Forest & Fiber and Environmental technology sectors, managing a diverse portfolio that includes investments in forestry, paper manufacturing, and real estate. Ahlström Capital has been actively involved in transactions relevant to the corrugated paper packaging industry, such as the acquisition of Ahlstrom-Munksjö’s Decor business, which focuses on paper products. Additionally, they have invested in Bast Fibre Technologies, which is expanding its fiber manufacturing capabilities, further emphasizing their commitment to the paper sector. Their acquisition of M&J Recycling also highlights their interest in sustainable resource management, which is increasingly important in the packaging industry.

11. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan acquired Walki Group Oy on February 26, 2007, a company that produces packaging materials, including corrugated paper products, highlighting their engagement in the corrugated paper packaging industry. In addition to this, CapMan has been involved in various other transactions, such as raising funds for Tana and Niemi Palvelut Oy, showcasing their active role in the investment landscape across multiple sectors.

12. Duni Group

• Website: dunigroup.com
• Type: Corporate
• Headquarters: Rekekroken, Skåne, Sweden
• Founded year: 1949
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: duni-group

Duni Group is a corporate investor based in Rekekroken, Skåne, Sweden, specializing in sustainable dining and food packaging solutions. Founded in 1949, the company has established itself as a market leader, providing innovative products such as napkins, table covers, and food packaging to restaurants and catering services. Duni Group operates in over 40 markets worldwide, emphasizing sustainability and circular practices in its offerings. In 2024, Duni Group has been active in expanding its portfolio through several key transactions. They acquired a 70% stake in Slovenia's SETI, a converter of high-technology tabletop products, which enhances their capabilities in dining solutions across Europe. Additionally, they completed the acquisition of Poppies Europe Ltd for 48 million GBP, integrating it into their Dining Solutions business area. They also acquired Huskee, further solidifying their position in the food packaging market. These transactions reflect Duni Group's commitment to enhancing their product offerings, which may include corrugated paper packaging solutions.

13. Valmet

• Website: valmet.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1951
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: valmet

Valmet Oyj is an industrial technology provider based in Espoo, Uusimaa, Finland, specializing in process technologies, automation systems, and services for the pulp, paper, and energy industries. Founded in 1951, Valmet operates globally, offering innovative solutions designed to enhance production efficiency and sustainability for its business customers. In recent years, Valmet has made strategic acquisitions to strengthen its position in the paper industry, including the acquisition of the PMP Group, a Polish provider of process technologies for tissue, paper, and board machinery, for EUR 64 million in September 2020. Additionally, Valmet has entered into agreements to acquire Demuth, a Brazilian company specializing in wood handling solutions for the pulp industry, and completed the acquisition of Körber’s Business Area Tissue for approximately EUR 380 million in November 2023. These transactions highlight Valmet's commitment to expanding its capabilities in the paper sector, which may indirectly relate to corrugated paper packaging production.

14. EQT Ventures

• Website: eqtventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing both financial support and operational assistance to entrepreneurs. They leverage a global network of industry experts to foster growth and innovation. Notably, EQT Ventures led a €15 million Series A funding round for Packmatic, a digital packaging marketplace, which highlights their engagement in the packaging sector. Additionally, they have participated in various other funding rounds, including investments in companies like Formo and ViridiCO2, although these are not directly related to corrugated paper packaging. Their investment in Packmatic suggests a potential interest in the packaging industry, which could encompass corrugated paper packaging.

Corrugated Paper Packaging Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
Katapult	Oslo, Oslo, Norway	11-50	2017	8
Accent Equity	Stockholm, Stockholm, Sweden	11-50	1994	4
Stora Enso	Helsinki, Uusimaa, Finland	10001+	1998	2
Elanders	Gothenburg, Västra Götaland, Sweden	5001-10000	1908	2
Metsä Spring	Espoo, Uusimaa, Finland	11-50	2018	1
Sca	Sundsvall, Västernorrland, Sweden	1001-5000	1929	0
Ub Figg	Helsinki, Uusimaa, Finland	11-50	2021	4
Ahlström Capital	Helsinki, Uusimaa, Finland	11-50	2001	1
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Duni Group	Rekekroken, Skåne, Sweden	1001-5000	1949	3
Valmet	Espoo, Uusimaa, Finland	10001+	1951	1
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28

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