Estonia’s Combiwood Acquires AS Toftan

Combiwood Grupp OÜ has announced an agreement to acquire 100% of the shares in AS Toftan.

Combiwood is one of Estonia’s leading vertically integrated woodworking groups, employing about 900 people and generating annual revenues of approximately EUR 210 million. The group operates several timber processing facilities across Estonia.

AS Toftan, a profitable company with modern production capacity in Southern Estonia, complements Combiwood’s existing operations, the company said.

The transaction is subject to customary approval by competition authorities. AS Toftan will continue to operate under its existing name and brand, with Martin Arula remaining as CEO.

Following the acquisition, the companies will have combined revenues of approximately EUR 276 million and a total of around 990 employees.