Wausau Paper, a producer of towel and tissue products, has closed its previously announced agreement to sell its specialty paper business to Expera Specialty Solutions, a newly formed company backed by KPS Capital Partners L.P., a New York-based private equity firm. The sale has resulted in net cash proceeds of approximately $105 million to Wausau after settlement of transaction-related liabilities, costs and taxes.
MOSINEE, Wis.–(BUSINESS WIRE)–Wausau Paper (NYSE:WPP) (“Wausau”) today confirmed the closing of its previously announced definitive agreement entered into on May 18 to sell its specialty paper business to Expera Specialty Solutions, LLC, a newly formed company sponsored by KPS Capital Partners L.P., a New York-based private equity firm.
The transaction includes Wausau Paper’s manufacturing facilities in Mosinee and Rhinelander, Wisconsin, and resulted in net cash proceeds to Wausau, subject to certain post-closing adjustments, of approximately $105 million after settlement of transaction-related liabilities, transaction costs and taxes. A portion of the net proceeds will be used to eliminate the currently outstanding balance on the Company’s revolving-credit agreement of approximately $67 million.
About Wausau Paper:
Wausau Paper produces and markets a complete line of away-from-home towel and tissue products and is headquartered in Mosinee, Wisconsin and listed on the NYSE under the symbol WPP. To learn more about Wausau Paper, visit www.wausaupaper.com.