We are pleased to announce that Atlas has reached an agreement to acquire a controlling interest in Twin Rivers Paper Company, Inc. (“Twin Rivers”) from Brookfield Asset Management Inc., a global alternative asset manager. Twin Rivers, with facilities in Edmundston and Plaster Rock, New Brunswick, and Madawaska, Maine, has been a vital economic engine for the region for over 80 years, producing specialty packaging, label and publishing papers as well as lumber for a variety of markets. It is an integrated specialty paper company with pulp and paper operations, as well as a biomass cogeneration facility and saw mill. With robust operating assets and a high-quality product offering, Twin Rivers is well-positioned to perform strongly in its core paper markets while simultaneously exploring new growth opportunities. Twin Rivers also stands to benefit from the increased demand for the lumber generated by the nascent recovery in the housing and construction markets. Atlas is committed to the future of the business, and will work with the company in the development of its long-term capital and growth plans. With the active support, direction and guidance our firm and Operating Partners bring, we believe we can provide Twin Rivers with additional resources to address its capital needs, cost structure, market exposure and other critical operational challenges presented by the highly competitive forest products industry.
Twin Rivers is a major employer in New Brunswick and northern Maine, and the acquisition was welcomed by a wide variety of constituencies including union leaders and government officials on both sides of the border.
This acquisition draws on Atlas’ depth of experience in successfully collaborating with stakeholders to build investee companies into sustainable, highly competitive enterprises in both Canada and the United States – including, Northern Resources Nova Scotia Corporation a pulp mill located in Pictou, Nova Scotia, and Finch Paper Holdings LLC, an integrated pulp and paper business located in Glens Falls, New York. Additionally, we have been investing and operating in the forest products, packaging and paper industries since 1999. Atlas currently owns approximately 30 locations in North America, Europe and Asia focused on these markets, employing more than 5,000 people.
We are excited about acquiring Twin Rivers and look forward to welcoming their employees into the Atlas Family.