Oji buys Paperbox from CVC

Japan's Oji Paper has bought private equity firm CVC Asia Pacific's portfolio company Paperbox Holdings for an undisclosed amount.

CVC appointed J.P. Morgan late last year to run a sell-side auction for Paperbox, Malaysia's largest manufacturer of paper board and corrugated board which started operations in 1992. CVC acquired it from Malaysian conglomerate Genting in 2007 for M$745 million $224 million at current exchange rates. This is the second time J.P. Morgan will earn money on this asset as the US investment bank also worked with Genting when it sold Paperbox to CVC.

The private equity firm made some management changes, improved Ebitda and made the business more robust over the period it...