Combiwood Grupp OÜ acquires AS Toftan

Combiwood Grupp OÜ has reached an agreement with the shareholders of AS Toftan, under which Combiwood will acquire 100% of shares in AS Toftan. Completion of the transaction is subject to merger clearance from the competition authority. Following the acquisition, AS Toftan will retain its name and brand.

Combiwood is a prominent Estonian woodworking group, known for its vertical integration. Combiwood group includes 12 wood industry companies across Estonia. The acquisition of AS Toftan, a profitable company with advanced production capabilities in Southern Estonia, is a strategic fit within Combiwood’s existing portfolio. This transaction is expected to drive Combiwood’s long-term growth and bolster its commitment to sustainable wood processing.

Following the acquisition, Combiwood will have total revenues of approximately EUR 276 million and employ around 990 people.

COBALT advised Combiwood Grupp on all aspects of the transaction, including the legal due diligence, transaction documents and negotiations. Our team consisted of Partner Peeter Kutman, Managing Associate Mart Blöndal, Senior Associate Liina Saaremets, and Junior Associate Ken Saksniit.