APP Acquires Korean Household Paper Manufacturer Mona Lisa

Morgan Stanley Private Equity (MSPE) recently signed an agreement with Indonesian paper giant APP to sell 100% of the shares held by MSS Holdings, the majority shareholder of its Korean household paper producer Mona Lisa, to APP for KRW 420 billion.

MSS Holdings is the major shareholder of Mona Lisa, a Korean company engaged in the paper business, which produces and sells household paper and hygiene products.

As of the end of 2023, MSS Holdings held a 50.99% stake in Mona Lisa. It also owns 100% of Ssangyong C&B, a paper manufacturing company.

Previously, MSPE, which acquired Mona Lisa in 2014, tried to sell Mona Lisa in 2017 and 2022, but both attempts failed.

APP, which acquired Mona Lisa, is one of the world's top 10 paper giants, producing pulp, paper, and packaging paper that is exported to about 150 countries and regions, including South Korea. By acquiring Mona Lisa and Ssangyong C&B, APP is expected to increase its share of the Korean household paper market and create synergies with its main business of pulp and paper production.

Founded in 1977, Mona Lisa produces household paper under the brand name of "Keeping it Natural" as well as masks and diapers. Ssangyong C&B was established in 1978 and is known for its "Cody" brand of household paper.