Kaamos Group sold Valmos factory


Paged Group, a Polish industrial and investment group, has purchased a 100% stake in Valmos, one of the largest Estonian producers of veneer. The Polish investor plans to support the company’s intensive development, including further investments in expanding the production capacities and efficiency at Valmos’ production facility.

“Valmos is a modern and well-managed company, one of the leading producers of high-quality veneer not just in Estonia but the entire region, with substantial potential for considerable growth in operational scale. We are highly appraising the company’s production potential, its reputation and solid market position as well as the competences of its management and employees, which are an excellent foundation for Valmos’ further growth. Paged Group is one of the largest and most efficient producers of hardwood and softwood plywood in Europe, specialising in the manufacture of highly-processed plywood. I am certain that Valmos, with the support of our unique know-how, human, organisational and financial capital, has the potential to dynamically develop in the coming years, benefitting both Paged Group and the firm’s other stakeholders, especially its employees and counterparties,” commented Tomasz Modzelewski, CEO of Paged S.A.

“The decision to sell Valmos was a difficult one for Kaamos Group and its shareholders. 15 years ago when the shareholders acquired and restructured the company high-flying ambitions were set and today these ambitions have been exceeded multifold. Today, Valmos is one of the world’s largest producers of birch veneer for furniture; approximately 97% of the company’s sales consist in export to Central and Eastern Europe, North America, and Asia.

In 2017, the shareholders made a strategic decision to enter a new field – production of birch veneer for plywood. This represented a new challenge for Valmos – relating to investments and conquering of markets. Progress was initially made step by step and the first year proceeded according to expectations. Then, however, we were courted, so to speak, by Paged Group, one of the plywood production market leaders, and it would have been unfair not to run with the Paged´s exceedingly ambitious plans and aggressive vision. The decision is beneficial for both Valmos that receives an even more accelerating injection in the company’s development, and Paged Group that will gain along with Valmos a market new for them – production of birch veneer for furniture.

We are most thankful to the management and all of the staff at Valmos for their noteworthy contribution in the plant’s operation thus far and we wish for all of them great success, supported by the new owner,” said Marek Pohla, Chairman of the Management Board of Kaamos Group.

“We are treating the entry of such a well-reputed strategic partner as Paged Group as the best proof of our market position, business effectiveness and potential for further development. Our ambition is to solidify Valmos’ position as the leading veneer producer in the region through dynamic growth in operational scale. We have the potential to nearly triple our operational scale within five years and we are certain that, with Paged Group’s support, we will reach this target,” said Heiki Vahermets, CEO of Valmos.

Valmos has been developing dynamically. In 2017, the company’s sales grew by 33% to EUR 11.3 million, with EBITDA of EUR 1.7 million. Paged’s CEO emphasised that Valmos can count on Paged Group’s support in implementing its investment programme in the coming years. “We want Valmos to effectively use its potential for further growth, continuing further investments in expanding its facility’s production capacities and production efficiency. We are confident that our investment in Valmos will serve as an impulse to drive its further dynamic growth to the benefit of all of its stakeholders,” said Tomasz Modzelewski.



Valmos is a leading producer of veneer in Estonia. Founded in 2000, it has built a strong market position over the recent years. More than 95% of its output is sold abroad, to plywood and furniture manufacturers in Europe, North America and Asia. Valmos’ factory, located in Pärnumaa region, has over 200 employees. In 2017, Valmos generated EUR 11.3 million in revenue and EUR 1.7 million in EBITDA.

Paged is an industrial and investment group with a track record going back more than 80 years. Paged Group consists of the parent company, Paged S.A., and subsidiaries in five key business segments: plywood, interior design and furniture, services and technology, property and other activities. The Group’s plywood segment, with five modern factories in Poland, is one of the largest plywood producers in Europe. In 2017, Paged Group generated EUR 206 million in consolidated revenue from sales, with EUR 31.9 million in EBITDA.