IMAP Turkey (3 Seas Capital Partners) advised the leading Turkey based corrugated cardboard manufacturer Norm Ambalaj on the sale of its production plant in Sakarya to Spanish paper company Saica Group.
Norm Ambalaj is the largest exporter of cardboard products in Turkey. Prior to the transaction, Norm Ambalaj carried out its manufacturing operations in three facilities; two in Istanbul and one in Sakarya. After the transaction, Norm Ambalaj will cease operations in the domestic market while continuing its export business.
Saica is one of the largest players in the development and production of recycled paper for corrugated cardboard in Europe, with a production of 3.3 million tons of paper. With more than 10,000 employees across 9 countries, Saica’s annual turnover in 2018 exceeded EUR 4.0 billion.
Saica entered the Turkish market in 2014 and the group has made several investment projects in Turkey to further develop its presence in the country. This latest acquisition provides Saica with a 75 million square meter corrugated board production capacity, while increasing its product footprint and product range for the Turkish market.
IMAP Turkey, led by Erkan Kurt and Alican Yarbil, acted as financial advisor to Norm Ambalaj throughout the sale process.