New owners commit to sustainable business plan to create long-term value
EDMUNDSTON, NB, and MADAWASKA, ME, May 21, 2013 /CNW/ - Blue Wolf
Capital Partners and Atlas Holdings today announced that they have
reached an agreement to acquire a controlling interest in Twin Rivers
Paper Company, Inc. ("Twin Rivers") from Brookfield Asset Management
Inc. Terms of the agreement were not 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," 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 is a major employer in New Brunswick and northern Maine, and
the acquisition was welcomed by a wide variety of constituencies.
"We have a proud history in our forest sector and certainly recognize
the strategic importance of the Twin Rivers operation. The local
communities and our entire forest sector value the jobs and role that
Twin Rivers plays. We are excited to have new partners such as Atlas
and Blue Wolf invest in the Province and commit to growing this
operation and working with us as we continue to rebuild our economy,"
said David Alward, Premier of New Brunswick.
"We welcome Blue Wolf and Atlas to our State," added Maine Governor Paul
LePage. "These investors have a track record of successful change in
forest products companies, and we look forward to working with them as
they implement their strategy."
Dave Coles, President of the Canadian Energy and Paperworkers Union,
which represents workers at Twin Rivers' operations in Edmundston and
Plaster Rock, New Brunswick said, "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."
"We welcome this change of ownership, to a group we know well," said Jon
Geenen, International Vice President of the United Steelworkers of
America, which represents workers at Twin Rivers' Madawaska, Maine
paper mill. "We expect the new owners will be dedicated to ensuring the
sustainability of this company into the future."
Together, Blue Wolf and Atlas Holdings have a depth of experience in
successfully collaborating with stakeholders to build investee
companies into sustainable, highly competitive enterprises in both
Canada and the United States - including, Northern Resources Nova
Scotia Corporation ("Northern Resources"), a pulp mill located in
Pictou, Nova Scotia, and Finch Paper Holdings LLC, an integrated pulp
and paper business located in Glens Falls, New York.
Separately, Atlas Holdings has been investing and operating in the
forest products, packaging and paper industries since 1999. Atlas
currently owns approximately 30 locations in North America, Europe and
Asia focused on these markets, employing more than 5,000 people. Blue
Wolf has been investing in the forest products industry since 2007, and
currently owns seven companies in the United States, primarily
manufacturing businesses, including two building products companies.
"Twin Rivers has been vital to the region's economy for over 80 years,
and we want to ensure it continues to be," said Blumenthal. "We look
forward to working with all stakeholders to create a viable, stable and
long-term future for Twin Rivers and the forestry sector in both
About Twin Rivers Paper Company Inc.
Twin Rivers is an integrated specialty paper company that manufactures
packaging, label and publishing products, with mill operations in
Madawaska, Maine, and Edmundston, New Brunswick. Twin Rivers also
operates a lumber sawmill located in Plaster Rock, New Brunswick. For
additional information, please visit: www.twinriverspaper.com.
About Blue Wolf
Blue Wolf Capital Partners LLC is a private equity firm that invests in
companies in which effective management of relationships with complex
constituencies, such as government and labor, can change organizations
and create value. For additional information, please visit www.blue-wolf.com.
About Atlas Holdings
Atlas Holdings is a diversified group of manufacturing, distribution,
service and trading businesses that operates in the building materials,
capital equipment, energy, industrial services, packaging, pulp, paper,
and tissue, steel, and logistics, supply chain management and
distribution segments. With a unique and focused approach, we have
built our companies and entered new industries, centred around
investing in businesses undergoing complex financial and operational
challenges, developing exceptional management teams joined by a shared
set of values and common culture, and deploying the Atlas operating
system. For additional information, please visit www.atlasholdingsllc.com.
SOURCE: Atlas Holdings
For further information:
Jesse Robichaud, Press Secretary, Office of the Premier of New Brunswick - 506-543-2144, firstname.lastname@example.org
Louise C. Merriman, Director of Communications, Twin Rivers Paper Company - 207-523-2360 (office), 207-650-0277 (mobile), email@example.com
Christianna Williston - 506-639-0419, firstname.lastname@example.org; Sean Payne (French media) - 506-651-6762, email@example.com