Brookfield sells controlling interest in Twin Rivers
May 21, 2013 By Pulp & Paper Canada
Two New York-based private investment firms will acquire a controlling interest in Twin Rivers Paper Company, Inc. from Brookfield Asset Management Inc. Terms of the agreement with Blue Wolf Capital Partners and Atlas Holdings were not…
Two New York-based private investment firms will acquire a controlling interest in Twin Rivers Paper Company, Inc. from Brookfield Asset Management Inc. Terms of the agreement with Blue Wolf Capital Partners and Atlas Holdings were not disclosed.
“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,” said 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.
Twin Rivers produces specialty papers and lumber at facilities in Edmundston and Plaster Rock, New Brunswick, and Madawaska, Maine.
Dave Coles, president of the Canadian Energy and Paperworkers Union, which represents workers at Twin Rivers’ operations in Edmundston and Plaster Rock, commented on the deal: “We have long represented workers at companies owned by Atlas and Blue Wolf, and we know them to be thoughtful and creative investors who are committed to the industry. We will work with the new ownership to protect jobs and pensions for our active and retired members.”
Twin Rivers is a major employer in New Brunswick and northern Maine, and the acquisition was welcomed by a wide variety of constituencies.
The transaction is expected to close in approximately three weeks.
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