Kifisia, Greece-based Paperpack has confirmed that its main shareholder, Chairman & CEO, Ioannis Tsoukaridis has agreed to sell his shareholding in the company to Orlando-Equity Holding Limited for €6.66 per share. Orlando-Equity intends to retain Tsoukaridis as an Honorary Chairman of the board of directors.
Orlando-Equity Holding Limited is a 100% subsidiary of the China Central and Eastern Europe Investment Co-operation Fund II SCS SICAV-SIF, which has commitments of US$800m to invest in Central and Southern Europe. The Fund is managed by China-CEE Management S.à.r.l. CEE Equity Partners Limited is the investment advisor to the Fund.
Tsoukarides said, “I am delighted to transfer the future of Paperpack to Orlando-Equity Holding. The investors’ commitment to innovation and new investments fully complies with my vision for the company and will further boost the prospects of the comapny, for the benefit of the employees, customers and suppliers. At the same time retaining the successful Management team shall ensure a smooth transition.”
“We are looking forward to the further development of Paperpack and believe that its current management team, along with the continued wisdom and support of Ioannis Tsoukarides, will make this first Fund investment in Greece a success,” commented Dario Cipriani, an Investment Director with CEE Equity Partners.
