July 23, 2018 – KPS Capital Partners has signed an agreement to sell Expera Specialty Solutions to Ahlstrom-Munksjö Oyj of Finland for $615 million.
Expera is a leading North American manufacturer of specialty paper products for the industrial and technical, food and pressure-sensitive release liner segments. Headquartered in Wisconsin, Expera employs approximately 1,800 people. KPS created Expera in June 2013 by completing two discrete and highly synergistic acquisitions: the technical and specialty paper businesses of Wausau Paper Corp. and Packaging Dynamics Corporation, respectively.
“The success of our investment in Expera demonstrates KPS’ ability to see value where others do not, to buy right and to make businesses better,” Raquel Palmer, a partner of KPS, said. “KPS, in partnership with management, created one of the largest specialty paper companies in the world by successfully integrating the acquisition of two distinct businesses, achieving meaningful post-merger synergies, investing in new manufacturing capabilities, funding innovation, new product development and technology, and implementing a culture of continuous improvement. Expera is another example of KPS’ investment strategy achieving success across economic cycles, geographies and industries, and we take immense pride in the Company’s accomplishments.”
She added, “We congratulate and thank Expera’s management team. Under KPS’ ownership, Expera has more than doubled the profitability of the assets the company acquired through manufacturing excellence, operational improvements, increased productivity and profitable growth. We are proud that during our ownership, Expera invested a significant amount of capital in a new manufacturing facility and a state-of-the-art silicone coater to support its unique and proprietary aerospace products.”
Russ Wanke, chief executive officer of Expera, added, “KPS was the only investor with the vision to recognize that two challenged businesses could have a stronger future together, creating one of the leading specialty paper businesses in North America. Working in partnership with KPS, we invested significantly in our people and operations, focusing on employee engagement, manufacturing excellence and providing best-in-class product quality and support to our customers. We are grateful to KPS for providing our team with the expertise, capital and resources needed to grow our business and to further our culture of continuous improvement. As part of Ahlstrom-Munksjö, Expera will remain committed to our core strategic imperatives and we look forward to a great future. We thank our customers, suppliers and employees for their contributions to our success.”
Completion of the transaction, which is expected in the second half of 2018, is subject to customary closing conditions and approvals.
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