Origination

In 2020, Ahlstrom-Munksjö was a listed Finnish company with more than 160 years of family ownership (then the Ahlstrom and Ehrnrooth families). As demand for sustainable, high-performance materials accelerated globally, Bain Capital identified Ahlstrom-Munksjö as a leader in specialty fiber-based materials with significant transformation potential. Our focus on Advanced Materials in Europe and proven success with Fedrigoni positioned us as the partner of choice for the families to take the company private.

Opportunity and investment

At the time of investment, Ahlstrom-Munksjö was a diversified global leader in specialty fiber-based materials, serving defensive and niche markets with high barriers to entry and exposure to attractive growth sectors. Leveraging our Fedrigoni experience, we saw an opportunity to expand margins and transform the portfolio ahead of the exit. The Ahlstrom and Ehrnrooth families sought a strategic partner to drive this change, and our sector expertise and track record in take-privates and family partnerships made us the preferred counterparty.

Value creation

Since acquiring Ahlstrom, we have driven organizational, operational, and commercial excellence while investing in innovation and sustainability to enhance margins and accelerate growth. We supported portfolio simplification through the divestment of non-core assets, including the Décor business to Munksjö, leading to the business name change to Ahlstrom, and reinvested in strategic M&A, such as the 2025 Stevens Point acquisition in the US.

Today, Ahlstrom is positioned as the leading sustainable specialty materials company, with a more focused, innovation-driven specialty portfolio that benefits from secular growth trends and operates at industry-leading margins. We are excited to see Ahlstrom continue its growth journey.

“Since joining Ahlstrom as CEO, I’ve had the privilege of leading a significant transformation across the business—driving operational improvements and strategically repositioning our portfolio for sustainable growth.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Helen Mets / CEO / Ahlstrom

“Our investment in Ahlstrom reflects Bain Capital’s strong sector expertise in Advanced Materials, our long-standing experience partnering with families, and our unique transformation capabilities. Together, we have transformed Ahlstrom into a global leader in sustainable specialty materials.”

Halvor Meyer Horten / Partner / Bain Capital