February 11, 2020 By P&PC Staff
Pixelle Specialty Solutions has completed its previously announced acquisition of Verso Corporation’s specialty papers mills in Jay, Maine and Stevens Point, Wisconsin.
With the new additions, Pixelle is now the largest specialty papers producer in North America with production currently exceeding one million tons annually.
Pixelle produces multiple specialty paper grades including release papers, thermal labels, food and beverage labels, food packaging papers, inkjet papers, casting liners, book papers, carbonless and forms, security papers, envelope and converting papers, and various niche products.
“Customers now have access to the specialty papers industry’s largest assembly of technical expertise, product knowledge, skilled labour and production capabilities,” says Timothy Hess, chief executive officer of Pixelle, in a statement.
“We can provide customers with advanced capabilities such as barrier coatings, customized coating technologies, release and casting chemistries, inkjet innovations, document security, and short-run custom colours.”
Pixelle now operates four specialty paper mills – the two new acquisitions as well as mills in Chillicothe, Ohio and Spring Grove, Pennsylvania. Three have on-site pulp mills. Collectively, the mills deploy 12 paper machines.
In addition, Pixelle operates a converting facility in Fremont, Ohio and wood sourcing operations committed to sustainable forestry throughout its operating regions.
Pixelle was formed in 2018 by Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders, and management teams seeking to actively build their businesses.
“Our experience and focus is on building paper businesses that achieve excellence in customer service and satisfaction, product quality and innovation, and employee safety and performance while maintaining strong community partnerships and environmental stewardship,” says Steven Klinger, executive chairman of Pixelle.
Credit Suisse and Citizens Bank served as financial advisors and Cravath, Swaine & Moore served as legal advisor to Pixelle on the transaction.
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