Packaging Dynamics Completes Sale of Thilmany Papers

Packaging Dynamics Corp., Chicago, Ill., USA, has completed the previously announced sale of its Thilmany Papers business unit to Expera Specialty Solutions, which is controlled by investment funds sponsored by KPS Capital Partners (KPS). Concurrently, Expera also closed on its previously announced acquisition of Wausau Paper's specialty paper business.

Roger Prevot, CEO of Packaging Dynamics, noted that "this is truly an extraordinary opportunity to contribute our Thilmany Papers business to form a larger specialty papers company that will deliver lasting value to customers, employees, and to the communities in which it operates, and for us to focus exclusively on growing our core packaging and converting businesses, which are now approaching $500 million in annual sales."

Seth Hollander, a partner at Kohlberg & Co., said that "we are pleased that our efforts to transform Thilmany's mill operations and to build a world-class organization have positioned it to take this next step." We look forward to building on Packaging Dynamics' strength in fiber-based flexible food and consumer packaging with additional organic growth investments and acquisitions."