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Vinge advises Karl Hedin and the minority owners in connection with the sale of AS Toftan to Combiwood

May 22, 2025 M&A

Vinge has advised Karl Hedin and the minority owners in connection with the sale of AS Toftan to Combiwood Grupp OÜ (“Combiwood”).

Combiwood is one of Estonia’s leading woodworking groups, employing approximately 900 people and generating annual revenues of around EUR 210 million. The group operates several timber processing facilities across Estonia. AS Toftan is a well-established player in the timber industry and will continue to operate under its current name and brand, with Martin Arula remaining as CEO. The acquisition is expected to support the companies' long-term growth and support continued investment in sustainable wood processing. Together, the two companies will have combined revenues of approximately EUR 276 million and around 990 employees. The sale of AS Toftan is subject to approval by the competent competition authority.

Vinge’s team primarily consisted of Jonas Johansson, Johan Winnerblad, Egil Svensson and Olof Löfvenberg (M&A), and Jessica Öijer (Transaction Support Coordinator).

Read the client’s press release here 

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