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TGS Baltic’s cross-border M&A team led by partner Kadri Kallas advised Swedish Bergs Timber AB (publ) in acquiring Vika Wood and Byko-lat (Latvia), EWP AS and Laesti AS (Estonia) and Norvik Shipping (United Kingdom) from Icelandic Norvik hf.
The acquisition, that will be completed during the second quarter 2018, will increase Bergs Timber’s product processing and is thus intended to limit Bergs Timber’s sensitivity to fluctuations in the economic cycle. At the same time, Bergs Timber assesses that there is potential for synergies within areas such as raw material procurement, distribution and sales.
“We have now, for a couple of months, had the opportunity to get to know and evaluate Norvik’s timber operations. These companies are well managed and profitable with an engaged staff and quality products. I am convinced that the companies strengthen each other and that the acquisition is good both for our staff and our owners,” said Peter Nilsson, CEO of Bergs Timber.
The acquisition of Norvik Timber Industries is one of the largest M&A deals in Estonia in the first quarter of 2018.
Bergs Timber, founded in 1919, is a Swedish sawn and processed timber producer and seller, that offers spruce and pine wood products, and linseed oil treated timber; and by-products, such as bark, cellulose chips, sawdust, splinters, dry chips, cutter shavings, briquettes, forestry waste, and hardwood chips. Bergs Timber is active in three business areas: forestry services for forest owners, forest products and timber preservation. http://www.bergstimber.se/en
Norvik Timber Industries is a privately owned Icelandic forest industry company operating in Latvia, Estonia, Russia, Sweden and the United Kingdom. Norvik Timber Industries is part of the Norvik Group. www.norvik.is
On the same topic
Bergs Timber’s press release: Bergs Timber has signed an agreement to acquire Norvik’s timber operations in the Baltics and the United Kingdom
Norvik’s press release: Bergs Timber has signed a letter of intent to acquire Norvik Timber Industries’ operations in the Baltics and the United Kingdom
EUWID: Bergs Timber aiming to take over Norvik companies
Global Wood Markets Info: Bergs Timber agrees to acquire Norvik’s timber operations in Baltics and UK
Woodbizforum: Bergs Timber acquires Norvik Timber Industries’ operations in Latvia, Estonia and the UK
Äripäev: The owners of the sawmill will be switched from the Icelanders to the Swedes (in Estonian)
Äripäev: M&A transactions have a great impetus (in Estonian)
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