Verso Acquisition, Valuation, Funding & Investors

Verso was acquired by BillerudKorsnäs Venture for $970M in December 2021, a 0.8x multiple on $1.3B of revenue.

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Verso acquisition price

$970M

Acquired by BillerudKorsnäs Venture · Dec 2021

Verso revenue at acquisition

$1.3B

Last twelve months · Dec 2021

Verso revenue multiple at acquisition

0.8x

EV/Revenue · Dec 2021

Verso EBITDA multiple at acquisition

6.1x

EV/EBITDA · Dec 2021

Verso Overview

About Verso

Verso Corporation is an American pulp and paper manufacturer, headquartered in Miamisburg, Ohio, that has been part of Swedish packaging group Billerud since 2022. It makes graphic papers for commercial printing, direct mail, catalogs, magazines and books; specialty papers such as release liners and label face stock; packaging papers for greeting cards, book covers, folders and point-of-purchase displays; and market pulp for printing, tissue and towel producers. At the time of its sale it ran two paper mills in Michigan, at Escanaba and Quinnesec, a converting plant in Wisconsin and two distribution centres, with about 1.1 million tonnes of annual paper capacity and around 1,700 employees. It sold paper and pulp to printers, converters and other manufacturers, reporting net sales of USD 1,264 million for the twelve months to September 2021. Verso was formed in August 2006 when Apollo Global Management bought International Paper's coated and supercalendered paper business; it listed on the New York Stock Exchange in 2008, acquired NewPage in 2015, went through Chapter 11 in 2016 and moved its head office from Memphis to Miamisburg in 2017. BillerudKorsnäs agreed to buy Verso for about USD 825 million in December 2021, completed the deal in March 2022.


Founded

2006

HQ

United StatesMiamisburg, OH

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$1.3B (Dec 2021)

Valuation

$970M (acquired Dec 2021)

Verso Acquisition

Verso was acquired by BillerudKorsnäs Venture for $970M on 17 December 2021.

The acquisition price implies a 0.8x revenue and 6.1x EBITDA multiple on $1.3B of revenue.

Before the acquisition Verso had raised $6M across 1 funding round.

BillerudKorsnäs, a Swedish packaging paper and board company, agreed on 17 December 2021 to acquire Verso Corporation, a leading North American producer of coated papers, for a purchase price of USD 825 million in cash (USD 27 per share), corresponding to an enterprise value of approximately USD 970 million. The deal offered a 35% premium to Verso's closing share price that day and was financed through a rights issue, debt, and cash flow. It closed on 31 March 2022 after shareholder and regulatory approvals. Verso reported LTM net sales of USD 1,264 million and adjusted EBITDA of USD 158 million as of 30 September 2021, making the transaction accretive to earnings per share immediately. BillerudKorsnäs plans to convert some of Verso's assets into paperboard machines with up to SEK 9 billion in capex through 2029, increasing net capacity by 400 ktonnes and shifting to a more profitable product mix while maintaining Verso's coated paper leadership. The acquisition expands BillerudKorsnäs's North American footprint, combining pro forma LTM sales of SEK 36.7 billion and adjusted EBITDA of SEK 5.0 billion, positioning it as a cost-efficient sustainable paperboard platform amid competitive dynamics in pulp, graphic, and specialty papers.

Verso acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • BillerudKorsnäs Venture
17 Dec 2021Strategic M&A$970M0.8x6.1x

Verso Funding History

Verso has raised a total of $6M across 1 funding round.

Verso funding rounds

Verso funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2026SeedAngular Ventures (lead); 100IN; Olympe Capital; Sharpstone Capital; Hexa; Kima Ventures$6MVerso, a Paris-based AI-powered consumer intelligence platform, raised a USD 6 million seed round announced on 8 October 2026. The round was led by Angular Ventures, with participation from Kima Ventures, 100IN, Olympe Capital, Sharpstone Capital, startup studio Hexa and business angels. Verso runs in-depth voice and video interviews with consumers using AI, helping companies obtain answers faster and keep continuous access to consumer insights. The company said the round is intended to give companies continuous access to how their consumers think. Verso is a French startup and was part of the HX 26 programme at Hexa. The seed financing will be used to expand the platform.

Who has invested in Verso?

6 investors have backed Verso across its funding rounds, including Kima Ventures, Angular Ventures, Hexa, Sharpstone Capital, 100IN and Olympe Capital.

Lead investors include Angular Ventures.


Verso Investors

Investors in Verso by funding rounds participated
InvestorHQRoundsRoleFirst check
100INBelgiumBrussels1ParticipantOct 2026
Olympe CapitalFranceParis1ParticipantOct 2026
Sharpstone CapitalFranceParis1ParticipantOct 2026
Angular VenturesUnited KingdomLondon1LeadOct 2026

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Acquisitions by Verso

Verso has acquired 1 company to date.

Last acquisition by Verso was on January 7th 2015. Verso acquired NewPage for $1.4B.


Latest Acquisitions by Verso

NewPage
Description
NewPage is North America's largest manufacturer of coated printing papers, specializing in glossy sheets for magazines, catalogs, books, and advertising materials. Headquartered in Miamisburg, Ohio, the company runs six paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin, producing coated groundwood, supercalendered, and uncoated freesheet grades. Formed in 2005 via the merger of Stora Enso North America and Bowater Manufacturing, NewPage supplies major publishers and commercial printers across the continent with products emphasizing high print quality and runnability.
HQ CountryUnited States
HQ City
Dayton, OH
Deal Date7 Jan 2015
Valuation$1.4B
EV/Revenue
EV/EBITDA

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Verso Competitors

Verso competitors include listed companies like Cascades, JK Paper, Altri and Celulosa Argentina, and private ones like TBM and Loscam.

Public and private companies comparable to Verso
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CascadesCanadaCanadaPublicly listed$3.4B$381M$1.2B0.7x
JK PaperIndiaIndiaPublicly listed$740M$94M$709M1.1x
AltriPortugalPortugalPublicly listed$758M$99M$971M1.9x
Celulosa ArgentinaArgentinaArgentinaPublicly listed$209M$45M$960M-
TBMJapanTokyoPrivate--$1.2B-
LoscamHong KongHong KongPrivate--$1.7B-

Verso Public Comps

Verso is no longer listed, but its public comps include Altri, Celulosa Argentina, Corticeira Amorim, Elopak, Myers Industries, Time Technoplast, Nippon Paper Group, Pabrik Kertas Tjiwi Kimia, Hokuetsu and Einhell Germany.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Altri$758M$99M2.0x1.9x15.5x13.5x
Celulosa Argentina$209M$45M5.2x-24.0x-
Corticeira Amorim$966M$160M1.2x1.2x7.2x7.3x
Elopak$1.4B$191M1.1x1.1x7.7x7.2x
Myers Industries$826M$114M1.5x1.8x11.2x9.8x
Time Technoplast$649M$93M1.4x1.3x9.8x8.9x
Nippon Paper Group$7.5B$615M0.6x0.6x7.8x8.9x
Pabrik Kertas Tjiwi Kimia$985M$367M1.5x-4.1x-

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Common questions about Verso

When was Verso founded?Verso was founded in 2006.
Where is Verso headquartered?Verso is headquartered in Miamisburg, OH, United States.
Is Verso publicly listed?No, Verso was acquired by BillerudKorsnäs Venture in December 2021.
Who acquired Verso?Verso was acquired by BillerudKorsnäs Venture in December 2021.
How much was Verso acquired for?Verso was acquired for $970M in December 2021, a 0.8x revenue multiple.
How much funding has Verso raised?Verso has raised $6M across 1 funding round.
What was Verso's last funding round?Verso's last funding round was a $6M seed round in October 2026, led by Angular Ventures.
Who are Verso's investors?Verso's investors include 100IN, Olympe Capital, Sharpstone Capital, Angular Ventures, Hexa and Kima Ventures.
Which companies are comparable to Verso?Companies comparable to Verso include Cascades, JK Paper, Altri, Celulosa Argentina, TBM and Loscam.
How many companies has Verso acquired?Verso has acquired 1 company, including NewPage.
What was the largest acquisition by Verso?The $1.4B acquisition of NewPage in January 2015 is the largest acquisition Verso has made to date.

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