Atlas Holdings purchased the mill from B.C.-based Paper Excellence Group, the country’s largest pulp producer
U.S. private equity fund manager Atlas Holdings purchased a Thunder Bay pulp and paper mill on Tuesday from Paper Excellence Group for US$218.6-million, the latest in a string of Canadian forest product acquisitions by an investor that specializes in running industrial businesses.
“We understand Thunder Bay’s importance as a pillar of the local economy, and we look forward to bringing our deep experience in pulp and paper as we convert the mill into a stable, independent enterprise,” said Atlas partner Neil Mahajan in a news release. In 2013, Atlas bought Twin Rivers Paper Co. Inc., with pulp and lumber mills in New Brunswick and Maine, from Brookfield Asset Management Inc. In 2017, Atlas bought a controlling stake in Edmonton-based pulp producer Millar Western Forest Products Ltd., which was previously family controlled.
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