The paper manufacturing industry in Benelux is a dynamic and essential sector that produces a wide variety of paper products, from packaging materials to printing papers. This industry is home to numerous companies ranging from large corporations to smaller, specialized firms. With a strong emphasis on sustainability, many players in the market focus on eco-friendly production processes and materials, reflecting a broader global trend towards environmental responsibility. Advances in technology are driving the industry forward, particularly in developing recyclable and biodegradable options. Benelux continues to invest in the sector, crucial for its economic growth and environmental goals.


In this financial landscape, several noteworthy investors stand out in the Benelux paper manufacturing sector. They vary from well-established corporate entities to agile private equity firms and visionary venture capital firms. Strategically headquartered in cities like Brussels and Amsterdam, these investors range in size from boutique firms to larger organizations, with founding years spanning several decades. The year 2024 saw these investors initiate multiple transactions, signaling a robust engagement in the paper sector. In total, they accounted for over 200 deals in this space, demonstrating a strong capital flow toward innovative paper manufacturing companies.


Top 9 Paper Manufacturing Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC also provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has been involved in several transactions relevant to the paper manufacturing industry, such as providing a grant of $2,656,376 to Releaf Paper in December 2022 and an undisclosed amount in a venture round. Additionally, Creapaper received a grant of $1,982,822 from the EIC in October 2020, along with another undisclosed venture round investment. These transactions highlight the EIC's commitment to supporting innovative companies in the paper sector, particularly those focused on sustainability and new materials.


2. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity investment firm based in Luxembourg, founded in 2005. It specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has a diverse portfolio, but it has made significant investments in the paper manufacturing sector. Notable transactions include the acquisition of Lecta in 1997, a company known for producing specialty papers, and the acquisition of AR Packaging in 2016, which reported sales of approximately €560 million and operates in the packaging sector, closely related to paper manufacturing. These investments highlight CVC's strategic interest in the paper and packaging industries, reinforcing its role as a key player in this market.


3. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg that provides financial services, including loans, equity investments, guarantees, and advisory services, to support sustainable projects across various sectors. Founded in 1958, the EIB aims to promote growth and job creation by financing initiatives that align with its sustainability goals. Among its notable transactions in the paper manufacturing context, the EIB signed a EUR 435 million bilateral loan with Stora Enso to support the company's growth in renewable, fiber-based consumer packaging board. This loan is part of a larger EUR 1 billion investment in Stora Enso's Oulu mill in Finland, which is expected to begin operations with a new consumer board production line in 2025. The EIB has also participated in funding rounds for companies like Packhelp, which focuses on sustainable packaging solutions, further demonstrating its engagement in the paper manufacturing sector.


4. Triton Partners


Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has been involved in several acquisitions relevant to the paper manufacturing context, including OptiGroup, which distributes paper and packaging products, and Stenqvist, which operates in the industrial sector. These transactions highlight Triton's engagement with companies that may have ties to the paper manufacturing industry, reinforcing their relevance as an investor in this space.


5. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux, a private equity firm based in Amsterdam, Netherlands, specializes in acquiring and managing companies in transition. Founded in 2021, the firm provides operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has made significant strides in the paper manufacturing industry, highlighted by its acquisition of Sonoco Paper France, which operates a board mill and generated sales of €32 million in 2015. Additionally, Mutares acquired La Rochette Cartonboard, a company generating approximately €120 million in revenue, focusing on the growing Folding Boxboard market. These transactions reflect Mutares' strategic interest in the paper sector, complementing its broader investment strategy.


6. Mondi Heerlen B.V.

  • Website: mondigroup.com
  • Type: Corporate
  • Headquarters: Heerlen, Limburg, Netherlands
  • Founded year: 1967
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: mondi-heerlen-b.v.

Mondi Heerlen B.V. is a corporate investor based in Heerlen, Limburg, Netherlands, and is part of the Mondi Group, a leading packaging and paper manufacturer. Founded in 1967, Mondi focuses on providing innovative and sustainable solutions across various industries, including eCommerce and retail. The company produces a wide range of products, such as containerboard and flexible packaging, to help customers achieve their sustainability goals. Notably, Mondi has been actively acquiring companies to strengthen its position in the paper manufacturing sector. Recent transactions include the acquisition of a Canadian pulp mill in February 2024, which has a production capacity of approximately 250,000 tons of pulp annually, enhancing their pulp production capabilities. Additionally, their acquisition of Olmuksan International Paper in June 2021 and Powerflute in June 2018 further solidify their presence in the packaging and paper markets, demonstrating their commitment to growth in this industry.


7. Bencis


Bencis is a private equity investment company based in Amsterdam, Netherlands, founded in 1999. The firm specializes in providing capital and strategic support to business owners and management teams across various sectors, including manufacturing and healthcare. Bencis has a notable history of acquisitions, including Xeikon, a company that develops printing technology relevant to the paper industry, and SPGPrints, which also operates in the printing sector. These transactions highlight Bencis's engagement with businesses that have direct ties to paper manufacturing, showcasing their capability and interest in this industry.


8. H2 Equity Partners

  • Website: h2ep.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1991
  • Headcount: 11-50
  • LinkedIn: h2-equity-partners

H2 Equity Partners is a private equity investment firm based in Amsterdam, Netherlands, founded in 1991. The firm specializes in private equity investments in mid-sized companies across various sectors, providing hands-on support and consulting services to help management teams achieve growth and operational improvements. Notably, H2 Equity Partners acquired Eska, a company in the paper manufacturing sector, in January 2006, which highlights their involvement in this industry. Additionally, they have made several other acquisitions, including One Way Plastics and Eurocell, showcasing their diverse investment portfolio. Their expertise in enhancing business performance makes them a valuable partner for companies in the paper manufacturing industry seeking investment and operational support.


9. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a Brussels-based venture capital firm founded in 1995, specializing in high-growth consumer brands across various sectors, including food, beverage, health, and technology. The firm provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, Verlinvest has invested in Who Gives a Crap, a company dedicated to sustainable toilet paper solutions, which aligns with their commitment to sustainable practices. This investment highlights their engagement in the paper manufacturing industry, alongside their diverse portfolio that includes brands like Oatly and Tony's Chocolonely, focusing on consumer needs and sustainability.



Paper Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
CvcLuxembourg1001-5000200516
European Investment Bank (EIB)Luxembourg1001-5000195899
Triton PartnersLuxembourg201-50019976
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
Mondi Heerlen B.V.Heerlen, Limburg, Netherlands51-20019673
BencisAmsterdam, North Holland, Netherlands11-5019990
H2 Equity PartnersAmsterdam, North Holland, Netherlands11-5019910
VerlinvestBrussels, Brussels, Belgium11-5019955


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