OpenGate Capital, LLC Sells a Share of Kotkamills Oy to Powerflute Oyj
OpenGate Capital, a private investment and acquisition company, and the owner of Kotkamills Oy, announced today that it has sold a minority share (10%) of Kotkamills Oy to Powerflute Oyj. Powerflute is a forest products industry company operating a paper mill in Finland.
Mr. Andrew Nikou, Chairman of the Board at Kotkamills and OpenGate Capital's Managing Partner and Chief Executive Officer stated, “OpenGate Capital remains the majority owner of Kotkamills and, as such, continues to be very enthusiastic about the business and the recent positive developments. I am proud of Kotkamills and its successes, this will represent another important phase of growth for the business."
"As long-term shareholders of Kotkamills, we're confident the alliance between Kotkamills and Powerflute will yield positive results across many aspects of the operations," said Mr. Julien Lagreze, Kotkamills board member and Partner at OpenGate Capital.
Commenting on the investment, Powerflute’s Chairman Mr. Dermot Smurfit said, “We are delighted to have become a shareholder in Kotkamills. We regard this as a strategic investment for Powerflute and look forward to supporting the current owners and management in their efforts to improve the performance of the business and help it to realize its full potential.”
Ms. Tuija Suur-Hamari, President of Kotkamills stated,  “We are looking forward to the partnership between Kotkamills and Powerflute. I am confident that we will find synergies and learn insights that will benefit both our operations and customers.”

News 2012