Dunn Paper Announces Ownership Change, Renamed BiOrigin Specialty Products
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Dunn Paper announced that its first lien secured lenders have acquired select assets of the company as part of a recapitalization of the business. Pursuant to this transaction, the company's name has been changed and will operate as BiOrigin Specialty Products ("BSP").
As previously announced, the company's Port Huron, Michigan, mill announced the closure of operations in mid-September with production officially ceasing in mid-October.
"I'm thrilled to be able to announce the closing of this transaction, which we've been working toward for many months," said Wade Kemnitz, President and CEO of BSP. "I'd like to thank our customers, suppliers, and employees for their continued support and patience without which this transaction would not have been possible.
"BiOrigin Specialty Products is the culmination of a vision to strategically focus on our leading footprint of six ongoing mills and concentrate our future investments in the eco-friendly and innovative packaging, specialty paper, and tissue segments where we excel," Kemnitz said.
As part of the transaction, BSP's balance sheet has been completely recapitalized with only modest leverage, and meaningful balance sheet cash — positioning the company to capitalize on market growth and invest to serve its customers. BSP will also have access to a revolving credit facility of $60 million, agented by Wells Fargo.
The transaction was led by Wynnchurch Capital, L.P., in partnership with Bayside Capital, Inc., Arbour Lane Capital Management, L.P., and Aegon Asset Management.
