Wingate Partners has acquired Dunn Paper Acquisition Inc., a Port Heron, Mich.-based specialty paper manufacturer, from Meriturn Partners. No financial terms were disclosed.
Meriturn Partners announced today the sale of Dunn Paper Acquisition, Inc (“Dunn“) located in Port Huron, MI to Wingate Partners, a private investment firm based in Dallas, TX. Meriturn co-invested with Dunn‘s management team in October of 2003 to purchase the assets through an out-of-court liquidation from Curtis Paper after the Port Huron mill had been shut down.
Dunn‘s CEO, Brent Earnshaw commented, “Our relationship with Meriturn enabled us to transform Dunn Paper from an out-of-service mill to an industry leader in manufacturing specialty papers. We look forward to partnering with Wingate as we continue to grow our market position.”
Meriturn Partner and outgoing Chairman of Dunn, Mark Kehaya commented, “Dunn Paper was the Meriturn Fund’s first investment. Dunn‘s successful transition over the last seven years is a testament to the hard work of the company’s management team and employees with the support of Meriturn Partners. We are excited about the value that has been created, not only for investors, but also for the employees of Dunn Paper and the community of Port Huron. Meriturn looks forward to continuing our relationship with Dunn as a minority equity holder.”
About Dunn Paper
Dunn Paper, Inc. (www.dunnpaper.com) is a leading specialty paper manufacturer with customers worldwide. The company produces a wide array of specialty waxed, coated, and uncoated MG papers used in various food packaging and specialty label applications. The company is located at the southern tip of Lake Huron in Port Huron, MI, approximately 60 miles north of Detroit.
About Meriturn Partners
Meriturn Partners, LLC manages the Meriturn Fund, which invests in corporate recapitalizations, restructurings and turnarounds where its capital, financial restructuring, and operational initiatives can improve the profitability and growth of businesses. Meriturn targets investments in companies operating in basic industries (manufacturing, services, distribution, etc.) with $50-$250 million of revenue and based in the U.S. and Canada. Meriturn was founded in 2001 and has offices in San Francisco, CA and Raleigh, NC. For more information, visit www.meriturn.com.