Protective packaging materials specialist Walki Group has agreed to purchase a 100% stake in Finnish sustainable packaging material producer Plastiroll.

The group signed a definitive purchase agreement with funds managed by Sponsor Capital and its key personnel for the acquisition. Financial terms of the transaction were not disclosed.

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Plastiroll offers biodegradable bags and films under Bioska and Hauska brands for packaging applications. It also has extrusion coating and printing capabilities.

The company currently operates two manufacturing facilities in Ylöjärvi and Tampere, Finland. The company generated €31m turnover, 40% of which comes from export sales.

Walki Group president and CEO Leif Frilund said: “With this transaction, we will significantly broaden our offering of sustainable packaging materials, including compostable bags and films as well as recyclable dispersion coated fibre-based packaging.”

Plastiroll employs around 90 associates, who will be retained with the business following the transaction.

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Frilund added: “We are excited to get new skilful colleagues into our multinational organisation.”

Plastiroll CEO Kari Laukkanen noted that the acquisition will enable further international growth for the company.

Walki Group produces technical laminates and protective packaging materials, including fibre-based multi-laminate products for various markets.

The group operates production facilities in Finland, Germany, the Netherlands, Poland, the UK, Russia and China with a workforce of approximately 950 people.

In July, Walki Group was acquired by One Equity Partners from funds managed by a CapMan Buyout.