KPS Capital to Acquire Specialty Paper Business of Wausau Paper, Thilmany
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KPS Capital Partners LP (KPS), New York, N.Y., USA, this week announced that through a newly formed company, Expera Specialty Solutions LLC and its affiliates, it has agreed to acquire the specialty paper business of Wausau Paper Corp., Mosinee, Wis., and the Thilmany specialty paper business of Packaging Dynamics Corp. (PKDY), Chicago, Ill. Wausau Specialty Paper and Thilmany are both integrated North American producers of specialty paper products for the food packaging, industrial, and pressure-sensitive release liner segments.
Wausau Specialty Paper has some 900 employees at manufacturing facilities in Rhinelander and Mosinee, Wis. Thilmany employs approximately 900 people at facilities in Kaukauna and De Pere, Wis.
Raquel Palmer, a KPS partner, said that "we are very excited to create Expera. The new company, with its reputation for exceptional quality, customer focus, technical expertise, and product innovation, coupled with KPS's capital resources, will be perfectly positioned to capitalize on the growth in niche, non-commodity markets, where engineered and applied technological solutions are critical to success. We believe the combination of these businesses will unlock very meaningful synergies benefiting many constituencies, including Expera's customers, employees, and the communities that depend on the continuing operation of its manufacturing facilities.
"The creation of Expera was the result of two distinct and complex acquisitions that were negotiated and signed in parallel," Palmer continued, "We look forward to growing Expera aggressively, both organically and through acquisition on a global scale. We thank the United Steelworkers Union for its critical support of our vision for the specialty paper industry in North America, the creation of Expera, and its first two acquisitions."
Russ Wanke, the current VP and GM of Thilmany and future CEO of Expera, noted that "this is the beginning of an exciting new era for Expera as a new independent company and a strong, stable platform positioned for expansion and growth in the future. I am very excited for our customers, employees, and communities, as we intend to invest significant capital and resources into research and development to expand our new company's combined competitive advantages, capitalize on the growth in the specialty paper industry worldwide, and provide innovative products with a superior level of service. I look forward to leading such a talented and committed organization into the future. Our entire team is very excited about KPS' commitment to manufacturing excellence and to supporting our growth."
Completion of the transactions is expected to occur simultaneously during the second or third quarter this year, subject to customary closing conditions.
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