Asia Pulp & Paper to acquire MSS Holdings from Morgan Stanley for US$302.4M; MSS Holdings is majority shareholder of Ssangyong C&B, and produces tissues, wet tissues, sanitary napkins and diapers, has Cody, Mona Lisa toilet paper brands in its portfolio

June 12, 2024 (press release) –

Asia Pulp & Paper to Acquire 100% Stake in MSS Holdings for USD302.4 Million

Deal In Brief

Asia Pulp & Paper Co Ltd , an Indonesia -based pulp and paper manufacturer, signed an agreement to acquire 100% stake in MSS Holdings , the majority shareholder of Ssangyong C&B , from Morgan Stanley PE for KRW420 billion ( USD302.4 million )

MSS Holdings has toilet paper brands Cody and Mona Lisa under its umbrella. We produce and sell a wide range of household paper products, including tissues, wet tissues, sanitary napkins, and diapers

In particular, it has a vertically integrated business model based on competitiveness across the entire sanitary paper industry value chain, from product procurement and production to sales and distribution

APP is a global pulp and paper manufacturer headquartered in Indonesia and founded in 1972. The company sells pulp, tissue and a variety of paper and packaging products in more than 150 countries

MSS is expected to grow by leveraging its expertise and global network as a paper company owned by APP. In particular, various synergy effects, such as increased productivity, can be expected by advancing MSS's domestic brand into the global market and improving cost competitiveness

APP is also expected to take a position in the domestic toilet paper and sanitary products market through MSS's brands and nationwide sales network

MSPE CEO Jeong Hoe -hoon said, “MS PE, owned by MSS, has transformed into a leading comprehensive household hygiene group through a differentiated multi-brand strategy, product portfolio diversification, and efficient organizational operation. I am happy to be a part of the company’s growth transition period.” He said

Meanwhile, MSPE is active in the domestic M&A market this year. Following the acquisition of K-beauty brand company Skin Idea last March, the company revealed its presence by successfully selling Jeonju Paper and Jeonju Won Power in May.

Deal Participants

Deal Rationale

The transaction will enable Asia Pulp to expand its position in the domestic toilet paper and sanitary products market

(Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)