Atlas Holdings, Blue Wolf Capital Complete Acquisition of Twin Rivers

Twin Rivers Paper Co., Madawaska, Maine, USA, a producer of specialty packaging, label, and publishing papers, this week announced that Atlas Holdings and Blue Wolf Capital Partners completed the acquisition of a controlling interest in the company. Twin Rivers also announced the formation of a new board of directors and leadership team that are turning their attention to building a growing, profitable business and creating long-term value.

Adam Blumenthal, managing partner of Blue Wolf, Tim Fazio, managing partner of Atlas Holdings, and new Twin Rivers' CEO Tim Lowe join existing board members in setting the strategic direction for the company. Joining Lowe on the new executive team for Twin Rivers are Wayne Gosse, CFO, Jean-Pierre Grenon, VP of forestry and sawmill operations, and Adam Levy, chief restructuring officer.

"We are turning our attention to building a growing, profitable business," said Lowe. "We are focused on bringing new resources, operational expertise, and a commitment to the future of the business."

The new management team brings many decades of leadership experience in the forest products industry. Lowe and Gosse previously led the successful operational and financial turnaround of Northern Resources Nova Scotia Corp., an integrated forest products company in Pictou, Nova Scotia. Before their work at Northern, Lowe held multiple operational positions at Domtar, including GM of the Woodlands, Maine pulp mill. Gosse held multiple finance positions at Neenah Paper and Kimberly Clark. Prior to joining Twin Rivers, Grenon has had a distinguished career, leading forestry operations at Domtar, Donohue, and as an independent industry consultant. Adam has 20 years' leadership experience in business transformations, including carve-outs, growth situations, and turnarounds, working throughout the U.S. and Canada. He has worked with companies ranging from $100 million to $1 billion in revenue in a wide range of industries.

Twin Rivers, with facilities in Edmundston, N.B., Canada, Plaster Rock, N.B., and Madawaska, has been a vital economic engine for the region for more than 80 years, producing specialty papers and lumber for a variety of markets. The new leadership team will build upon the existing foundation with a view to improving market focus and increasing profitability. The company is committed to investing capital to achieve these goals. The key pillars of the strategy include:

Ensuring exceptional manufacturing capability in lightweight papers and expanding specialty markets
Operating more efficiently and safely
Expanding sawmill operation and lowering wood costs
Local management and committed ownership.

"We welcome the early support received from employees, union leaders, community stakeholders, and government partners to collaborate on a successful business strategy," said Lowe. "We begin the transition today with a 12- to 18-month plan to ensure Twin Rivers can compete and thrive long-term in the extremely competitive forest products industry."

TAPPI
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