Atlas Holdings and Blue Wolf Capital to Acquire Twin Rivers Paper
Blue Wolf Capital Partners and Atlas Holdings have reached an agreement to acquire a controlling interest in Twin Rivers Paper from Brookfield Asset Management. 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 NY-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, ME, has been a vital economic engine for the region for more than 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,” said Adam Blumenthal, managing partner of Blue Wolf. “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.”
Tim Fazio, managing partner of Atlas Holdings, also added: “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.”
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,” relayed David Alward, Premier of New Brunswick. “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.”