On 18th July 2012 Van Genechten Packaging has completed the acquisition of the remaining 50% stake in AS VG Kvadra Pak to become the sole owner of the company. Back in 2010 Van Genechten Packaging acquired 50% of AS VG Kvadra Pak and since then has put solid efforts into development of the company jointly with the founders.

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. Following the transaction with Van Genechten Packaging in 2010 the company demonstrated growth and its turnover exceeded 9 million EUR in 2011 delivering more than 30% annual growth during the consecutive two years. The company forecasts annual turnover for 2012 of more than 11 million EUR.

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 1.600 people and recorded net sales of above 300 million EUR.

BIC Securities acted as an exclusive financial advisor to the founders of AS VG Kvadra Pak.