Navigator Paper UK Limited announces that it has launched a public all-cash firm offer to acquire the entire issued and to-be-issued share capital of Accrol Group Holdings plc, a tissue paper converter based in the United Kingdom (UK). The offer is being implemented pursuant to a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Accrol is a leading tissue converter and supplier of toilet tissues, kitchen rolls, facial tissues, and wet wipes to many of the UK's leading discounters and grocery retailers across the UK. The Board of Directors of Accrol is recommending the offer, which is subject to the conditions and specific further terms set out in the corresponding announcement issued in accordance with Rule 2.7 of the UK City Code on Takeovers and Mergers, and to the full terms and conditions that will be set out in a subsequent document setting out the full terms and conditions of the proposed scheme of arrangement to implement the offer.
In the year ended 30 April 2023, Accrol posted revenues of £242 million, Adjusted EBITDA (as defined in Accrol’s 2023 annual report) of £15.6 million and Net Debt (pre-IFRS16 standard) of £26.8 million.
For the Half-Year ending October 31st, 2023, Accrol had revenues of £100.3 million and Adjusted EBITDA of £10.2 million. This reaffirmed the Accrol Board’s forecast annual revenues of £205 million and Adjusted EBITDA of at least £21.0 million.
Navigator Paper UK Limited is a wholly owned indirect subsidiary of The Navigator Company, S.A.. Navigator is a large Portuguese integrated pulp, paper, tissue, packaging and biomassbased energy company, listed on the Euronext Lisbon Stock Exchange, with a market capitalisation of approximately €2.75 billion on 21 March 2024 (being the latest practicable date prior to the announcement of the Offer). In the financial year ended 31 December 2023