Operations & Management
Dunn Paper now under new ownership and with a new name
November 17, 2022 By P&PC Staff
Dunn Paper’s first lien secured lenders have acquired select assets of the company as part of a recapitalization of the business. Pursuant to this transaction, the company’s name has been changed and will operate as BiOrigin Specialty Products. The manufacturer and supplier of advanced paper and tissue products operated one location in Canada and six locations in the U.S.
The company’s Port Huron, MI mill closed its operations in mid-September with production officially ceasing in mid-October.
Wade Kemnitz, president and CEO of the company said, “I’m thrilled to be able to announce the closing of this transaction which we’ve been working toward for many months. I’d like to thank our customers, suppliers, and employees for their continued support and patience without which this transaction would not have been possible. BiOrigin Specialty Products is the culmination of a vision to strategically focus on our leading footprint of six ongoing mills and concentrate our future investments in the eco-friendly and innovative packaging, specialty paper and tissue segments where we excel.”
As part of the transaction, BSP’s balance sheet has been completely recapitalized with only modest leverage, and meaningful balance sheet cash, positioning the company to capitalize on market growth and invest to serve its customers. The company will also have access to a revolving credit facility of $60 million, agented by Wells Fargo.
Kemnitz stated, “The team and I are excited to announce this transaction and begin a new chapter as a stronger and healthier company. The return to a low-leverage operating environment with access to growth capital will allow us to better serve our valued customers as we solve their evolving packaging and absorbent tissue needs.”
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