Jool Invest owns the Jool Group, the subsidiaries of which include Lessebo Paper and Ess-Enn Timber. The company also owns a majority stake in Tibro Sågverk, a saw mill based in Skaraborg, Sweden.

While the size of Jool’s stake in Zanders Paper and other specifics regarding the transaction had not been disclosed at the time of writing, the business said it has “a clear industrial mindset and will be an active partner bringing further experience and capital creating a strong foundation for the planned growth of Zanders Paper”.

The Jool Group consists of 12 legal entities and employs around 250 staff. Its subsidiaries have a global presence and offices in six countries.

Based in Bergisch Gladbach near Cologne, Zanders began insolvency proceedings last summer and was acquired in December by Norwegian pulp and paper businessman Terje Haglund, who is also a shareholder of Lessebo Paper and the chief executive of Virginal Paper.

Around 300 of Zanders’ 450 staff stayed on at new company Zanders Paper, which has confirmed that it will continue to produce all of its core products following Jool’s investment, and is additionally planning to introduce further grades in the coming months.

Its existing portfolio, which includes Chromolux, Zanlabel, Zanbarrier, Zanpack, Zanjet, Silver Digital and RX Nature, is supplied by Antalis and Fenner Paper in the UK.