Combiwood Expands: Acquires Toftan from Key Stakeholders
Deal News | Jun 04, 2025 | CEE Legal Matters
Cobalt has advised Combiwood Grupp in its acquisition of Toftan from existing shareholders Mattsbo Sag, Wigert Invest, Lars Lindgren Invest, Marnefeldt Invest, Investyno, Martin Arula, Jaanus Lehes, and Merli Randoja. The transaction, yet to receive regulatory approval, will bolster Combiwood's operational strength and align with its growth strategy. Combiwood, an Estonian vertically integrated wood industry giant, owns 12 companies in the region. Post-acquisition, Combiwood's revenue is projected to reach approximately EUR 276 million, with a workforce nearing 990 employees. Toftan will continue its operations under existing branding. Legal advisories for the sellers were provided by Eversheds Sutherland and Vinge. The Cobalt advisory team comprised Partner Peeter Kutman, Managing Associate Mart Blondal, Senior Associate Liina Saaremets, and Junior Associate Ken Saksniit.
Sectors
- Wood Industry
- Legal Advisory
Geography
- Estonia – Combiwood Grupp and Toftan are both based in Estonia, and the acquisition is significant within the Estonian wood industry market.
Industry
- Wood Industry – The article discusses Combiwood Grupp, a vertically integrated company in the wood industry, and its acquisition of Toftan, a wood processing company.
- Legal Advisory – The article highlights the roles of Cobalt, Vinge, and Eversheds Sutherland, which provided legal advisory services for the acquisition transaction.
Financials
- EUR 276 million – Projected total revenues of Combiwood post-acquisition of Toftan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Combiwood Grupp | Acquirer | Company | An Estonian vertically integrated wood industry company operating a group of 12 companies. |
| Toftan | Target company | Company | A profitable and technologically advanced wood processing company based in Southern Estonia. |
| Mattsbo Sag | Seller | Company | One of the shareholders selling Toftan. |
| Wigert Invest | Seller | Company | One of the shareholders selling Toftan. |
| Lars Lindgren Invest | Seller | Company | One of the shareholders selling Toftan. |
| Marnefeldt Invest | Seller | Company | One of the shareholders selling Toftan. |
| Investyno | Seller | Company | One of the shareholders selling Toftan. |
| Martin Arula | Seller | Person | One of the individuals selling Toftan. |
| Jaanus Lehes | Seller | Person | One of the individuals selling Toftan. |
| Merli Randoja | Seller | Person | One of the individuals selling Toftan. |
| Cobalt | Legal advisor to the acquirer | Company | Provided legal advisory services to Combiwood Grupp for the acquisition. |
| Eversheds Sutherland | Legal advisor to the sellers | Company | Provided legal advisory services to the sellers of Toftan. |
| Vinge | Legal advisor to the sellers | Company | Reportedly provided additional legal advisory services to the sellers of Toftan. |