On 23rd July 2010 Van Genechten Packaging has signed a share purchase agreement to acquire a 50% stake in AS Kvadra Pak.

Current owners retain the remaining 50% stake in the business. AS Kvadra Pak is the leading packaging company in the Baltics with more than 15 years history. The company is headquartered in Riga (Latvia) and produces more than 5,000 tons of high-quality packaging for confectionary, food and non-food segments. In 2009 the company had 120 employees and recorded net sales of around 6.5 million Euros.

Van Genechten Packaging is the largest independent folding carton producer in Europe with nine folding carton factories in six countries. Based in Turnhout (Belgium) the company is converting more than 200.000 tonnes of board per annum, employs 1.700 people and recorded net sales of above 300 million Euros.

BIC Securities acted as an exclusive financial advisor to AS Kvadra Pak owners.