Deal Announcement 11/25: Wood Manufacturing

The Deal

The PwC M&A team is pleased to announce the successful sale of the Romanian ZG Timber Sebes S.R.L. (“ZG Timber”) to Kronospan (“Kronospan”).

ZG Timber, a former subsidiary of the Ziegler Group, operates Romania’s largest sawmill. Recognized for its production of high-quality sawn timber and various wood-related products, ZG Timber supplies both domestic and international markets. The company is headquartered in Sebes, Romania, an area distinguished by abundant forest resources and a longstanding woodworking heritage.

The sale process was managed by a PwC M&A team from Germany and Austria. PwC maintained strong competition among several interested investors up to the signing on 1 March 2025. Ultimately, Kronospan secured approval from the creditors with the most compelling offer and strategic plan. The transaction was closed in November 2025.

As part of its broader growth and diversification strategy, Kronospan will integrate sawn timber from the Sebeş facility into its portfolio. 

The transaction ensures the continuity of operations at the Sebeş facility, maintaining employment for the more than 500 people currently working at the site and sustaining a wide network of indirect jobs across suppliers, contractors, logistics partners, and service providers whose activities depend on the sawmill.

ZG Timber Sebes S.R.L.

ZG Timber is located in Sebes, Romania, and employs around 500 people. The company became part of the Ziegler Group in 2023. ZG Timber is known for producing high-quality sawn timber and other wood-related products. Additionally, the resulting by-products are used in-house to produce pellets. In total, up to 1.45 million cubic meters of wood are processed annually and the pellet production capacity of ZG Timber amounts to 225 thousand tons per year. ZG Timber generated revenues of over EUR 130m in 2024. 

Kronospan 

Kronospan is a global leader in manufacturing particleboard and other high-quality wood products and has been present in Romania since 1998. The company currently operates two production plants in Brasov and Sebes. Kronospan's "Romanian Made" products are used both domestically and exported to 75 countries worldwide, including Asia, the Middle East, and America. With the acquisition of ZG Timber, Kronospan expands its product range to include sawn timber.

Schultze & Braun

Schultze & Braun is a law firm based in Germany, specializing in insolvency administration and restructuring. Established in 1975, the firm has grown to become one of the leading experts in insolvency law in Europe, offering services in insolvency proceedings, corporate restructuring, and legal advice for businesses facing financial difficulties. Volker Böhm, insolvency administrator at Schultze & Braun and known for his expertise in insolvency administration and restructuring, was the insolvency administrator and seller of Zieger Group. 

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 370,000 people in 149 countries. Our global network comprises over 2,900 M&A professionals all over the world, realising approx. 400 successful transactions per year. Our Distressed M&A team led by Timo Klees (Partner) is market leading in Germany and has successfully advised on more than 80 transactions out of special situations and insolvency situations in recent years. Latest transactions include among others Nobiskrug, Flensburger Schiffbau-Gesellschaft, Erndtebrücker Eisenwerk Gruppe, Auto-Kabel, Compleo, Prophete, Steuler Fliesengruppe, Tennis-Point, Ludwig Pfeiffer, Aluminium Rheinfelden, Poggenpohl, Dradura, Fintyre, Thomas Cook and Vapiano.

The German PwC M&A team included Timo Klees (Partner), Dr. Alexander von Friesen (Partner), Julia Jaumann (Senior Manager), Julius Karp (Senior Manager), Jan Klaus (Senior Associate), and Philipp Huber (Senior Associate). The Austrian PwC M&A team consisted of Thomas Vorlaufer (Director), Stephan Brandweiner (Senior Manager), Koen Stam (Senior Manager), and Ferdinand Croy (Senior Associate). 

For more information, please contact Timo Klees +49 (0) 151 10060451 or Dr. Alexander von Friesen +49 (0) 151 11714398.