Blue Wolf Capital Partners and Atlas Holdings are to acquire a controlling interest in Twin Rivers Paper Company from Brookfield Asset Management.
Terms of the agreement have not been disclosed.
The transaction is expected to close in approximately three weeks, allowing time for certain procedural requirements. Blue Wolf and Atlas, both New York-based private investment firms, have long track records of building forest products companies in North America.
Twin Rivers, with facilities in Edmundston and Plaster Rock, New Brunswick, and Madawaska, Maine, has been a vital economic engine for the region for over 80 years, producing specialty papers and lumber for a variety of markets. Through the acquisition of a controlling stake in Twin Rivers, Atlas and Blue Wolf are showing their commitment to the future of the business, and will work with the company in the development of its long-term capital and growth plans.
"Twin Rivers produces specialty papers and lumber products that are well regarded throughout the industry. Our plan is to build on these strengths as we seek to position the operations for long-term success and as a key contributor in the revitalization of the forest products sector in Maine and New Brunswick," says Adam Blumenthal, managing partner of Blue Wolf.
"With the active support, direction and guidance our firms bring, we believe we can provide Twin Rivers with additional resources to address its capital needs, cost structure, market exposure and other critical operational challenges presented by the highly competitive forest products industry," said Tim Fazio, managing partner of Atlas Holdings.
