Experience Sell-side Advice

Fox Recykling




Majority stake sale





Holon introduces strategic investor to Fox Recykling

The Holon-Translink team has finalized a project to attract a global investor for the largest waste paper processor in northern Poland – Fox Recykling. 76% of the company's stakes have been acquired by Saica Group, a European market leader in the development and production of recycled paper for corrugated board and one of Spain's largest family-owned companies with a group's turnover of almost €4 billion.

For Fox Recykling, the transaction with Saica marks both a new opening and the continuation of our long-standing family tradition." – said Jarosław Malinowski CEO and former owner of the company. "Together with Holon-Translink's advisory team, we were able to work out the optimal solution that not only allows us to sell the company to a global concern on very good terms, but also guarantees that my sons will remain in the business as both co-owners of the company and high-level managers in a global organization. Thus, I feel that our long-standing know-how will be put to even better use, and the merger with a global player will provide an opportunity for both faster growth and stability."

As a result of the transaction, a 24% stake in the company was acquired by Marcin Malinowski and Radosław Malinowski, who were also appointed to the company's new Board of Directors. In addition, Marcin Malinowski was appointed Regional Director at Saica Natur.

“This milestone takes us forward in Saica´s business growth strategy, not only by continuing our expansion into the Polish market with Saica Natur but also in our the aim of further developing our infrastructures and services in this market” – said Ramón Alejandro, President of Saica Group

Holon-Translink's team acted as exclusive transaction advisor to the owner of Fox Recykling in the transaction process, which included: preparing the company for sale, identifying investors, negotiating key terms of the transaction, due diligence of the company and negotiation of transaction agreements. Legal counsel for the selling party was provided by DZP law firm. Saica Group's legal advisor was the Garrigues law firm.

Both parties agreed not to disclose the value of the transaction.

Transaction Team Holon: Maciej Cieślak – Partner Holon-Translink, Maciej Bogacz – Manager Holon-Translink, Oscar Llaudet – Partner Translink Spain

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Company information


Headquartered in Gdynia, Fox Recykling is a family-owned company with more than 30 years of experience in the waste paper recycling business. Serving a base of more than 500 customers per year (including the largest paper mills in Poland and Germany), the Company collects and processes nearly 50 thousand tons of raw material per annum. As a result, the Company is the leader in recovered paper recycling in the Pomeranian region. www.foxrecykling.pl

Investor information


Saica Group is one of the largest European players in the development and production of recycled paper for corrugated board, with a production capacity of 3.3 million tonnes of recycled paper per annum. Its four business areas are: production of recycled paper for corrugated board (Saica Paper), waste management and environmental services (Saica Natur), production of corrugated packaging (Saica Pack) and flexible packaging (Saica Flex). It has a team of more than 10,000 employees across Spain, France, Italy, Portugal, United Kingdom, Ireland, Turkey, Luxembourg, The Netherlands and the United States. The group's annual turnover is €4 billion. www.saica.com