Japan's trading company Japan Pulp and Paper (JPP) will take over the businesses of the three insolvent Inapa subsidiaries in Germany, Inapa Deutschland, Inapa Packaging and Inapa Complott. The purchase agreement was signed on 11 October. The integration of the companies is planned for 1 December 2024.
In a joint statement, the company and the insolvency administrator of Inapa Deutschland said that it was thanks to loyal customers, suppliers and employees that the businesses were transferred in a restructured state. The takeover means that JPP is safeguarding the jobs of many employees and ensuring that Inapa customers continue to receive the proven products and services.
In a public document disclosed with the Tokyo Stock Exchange on 10 October, JPP said that it planned to establish two new wholly-owned companies in Germany: OVOL Papier Deutschland GmbH who will take over the business of Inapa Deutschland, and OVOL C&P Deutschland GmbH will take over the business of Inapa Packaging and Inapa Complott.
According to JPP, the acquisition will enable the company to expand its paper wholesale business on the European continent and expand sales of high value-added products in Europe, which is an initiative under the OVOL Mid-term Business Plan 2026. Under this initiative, which JPP formulated in June 2024, the company is working to increase its market share and expand its business areas in each market through the ongoing execution of complementary M&As, and to increase revenues by expanding sales of high value-added products such as signs, displays, packaging and flexible packaging.
Final negotiations on sale of Inapa France,
Inapa Packaging SAS sold to Next Pack
In addition, the creditors' meeting of insolvent holding company Inapa Investimentos, Participações e Gestão SA (IPG) approved the sale of Inapa France S.A.S., and, indirectly, of its subsidiary JJ Loos, S.A.S. to Japan Pulp and Paper for €25m. The sale will be subject to final exclusive negotiations to establish the exact terms of the proposed transaction, the company told.
The creditors' meeting had also approved the sale of Inapa Packaging SAS, the packaging distribution arm of the company in France, to Next Pack for the proposed price of €20m. The transaction was carried out on 9 October 2024 by Inapa IPG's subsidiary Europackaging - Investimentos, Participações e Gestão, Lda. The transaction also includes Inapa Packaging's subsidiaries Semaq – Société d'Emballage et de Manutention d'Acquitaine and Embaltec SAS.
As regards the only takeover proposal for the whole of Inapa IPG, the insolvency administrator of Inapa IPG informed the creditors that he did not receive confirmation of agreements necessary for a possible transaction. The bidder had defined as a condition for a takeover the capitalisation of Inapa IPG by its current shareholders by an amount of €50m. The administrator said he received no confirmation from the bidder of a capitalisation agreement with the current shareholders, nor was any contact made by any of the shareholders about the intention to secure the respective capitalisation.
