Peak Rock Capital has sold Atlas Paper Holdings Inc. to a subsidiary of Resolute Forest Products Inc. Financial terms weren’t announced. Miami-based Atlas Paper makes tissue products, usuing both virgin and recycled fiber. Moelis & Company advised the Atlas Paper.
Austin, Texas, November 16, 2015 – An affiliate of Peak Rock Capital, an Austin, Texas based private equity firm, announced today that it has sold Atlas Paper Holdings, Inc. (“Atlas Paper” or the “Company”) to a subsidiary of Resolute Forest Products, Inc. (“Resolute” or the “Buyer”).
Headquartered in Miami, Florida, Atlas Paper is a manufacturer of tissue products, utilizing both virgin and recycled fiber. The Company supplies private label and branded bath tissue, facial tissue, towels, and cocktail, dinner and dispenser napkins to a diversified mix of customers in the away-from-home and value retail channels.
An affiliate of Peak Rock Capital acquired Atlas Paper Mills in 2013, followed by the acquisitions of Accurate Paper Holdings and Atlas Southeast Papers in 2014 to create Atlas Paper. Under Peak Rock Capital’s ownership, the Company successfully executed on a series of strategic initiatives and operational improvements, transforming the business over a short period of time into a recognized leader within its industry segment. Key elements of the transformation included a significant expansion of the commercial organization to support a go-to-market strategy focused on growing into new channels, products and geographies. In addition, the Company made targeted and significant investments to improve quality and productivity across its facilities.
Peter Leibman, Managing Director of Peak Rock Capital, said, “We are very proud of our success at Atlas Paper starting with augmenting and retaining an outstanding management team led by Jim Brown and then supporting the Company’s rapid growth through expansions into new channels and product categories, as well as making strategic add-on acquisitions and capital investments to extend Atlas’ existing capabilities.”
Jim Brown, Chief Executive Officer of Atlas Paper, added, “Peak Rock Capital has been an exceptional owner for Atlas Paper and a great partner to the Atlas management team in developing a winning strategy. The Peak Rock team consistently supported our growth strategy, offered excellent advice and played a pivotal role in executing two strategic acquisitions that transformed the Company. This is a great outcome for Atlas Paper and we look forward to joining Resolute, which has the resources and commitment that will enable Atlas Paper to continue growing the successful platform that we created working with Peak Rock Capital.”
Anthony DiSimone, Chief Executive Officer of Peak Rock Capital, said, “This sale and the prior dividend recapitalization of Atlas Paper have provided for an exceptional result for stakeholders of the Company, representing a successful implementation Peak Rock Capital’s strategy to invest in leading middle market businesses that can benefit from our expertise to enhance their growth and strategic position. We are excited about the outstanding progress of our portfolio companies and look forward to continuing to pursue opportunities for growth and profit improvement.”
Moelis & Company acted as the financial advisor and McDermott Will & Emery acted as the legal advisor to the Company on the transaction.
ABOUT ATLAS PAPER
Atlas Paper is a Miami, Florida based manufacturer of tissue products, utilizing virgin and recycled fiber. Atlas supplies private label and branded bath tissue, facial tissue, towels, and cocktail, dinner and dispenser napkins to a diversified mix of customers in the away-from-home and value retail channels. For further information about Atlas, please visit www.atlaspapermills.com.
ABOUT PEAK ROCK CAPITAL
Peak Rock Capital is a leading middle-market private equity firm that makes debt and equity investments in companies in North America and Europe. Peak Rock focuses on investing in opportunities where it can support senior management in driving rapid growth and profit improvement through operational and strategic change. Peak Rock’s principals have deep expertise in complex situations and cross border transactions, with the ability to provide tailored capital solutions and close transactions quickly where speed and certainty are priorities. For more information about Peak Rock Capital, please visitwww.peakrockcapital.com.