KAUKAUNA, Wisconsin – Expera Specialty Solutions, LLC a portfolio company of KPS Capital Partners, LP, announced Tuesday that it has entered into a definitive agreement to acquire certain assets related to the Old Town Fuel & Fiber pulp mill.
Expera expects to complete the transaction as part of a sale process under Section 363 of the United States Bankruptcy Code. Financial terms of the transaction were not disclosed.
“A combination of Expera and Old Town will significantly strengthen both businesses. In particular, the combination will increase Expera’s vertical integration into pulp and reduce Old Town’s go-forward commercial risk by becoming part of Expera, a financially strong enterprise, that serves stable and growing end markets and possesses a dedicated base of long-term customers rather than as a standalone enterprise,” said Russ Wanke, Chief Executive Officer of Expera, in a press release announcing the deal.
“I am honored to welcome Expera to Maine,” said Gov. Paul LePage. “We appreciate their investment and determination to get this facility back up and running as quickly as possible. The Old Town facility combines a valuable asset with tremendously knowledgeable and hardworking Mainers who are eager to get back to work. My administration will continue working with Expera as they move forward. This is terrific news for the future of Maine’s forest products industry.”
Completion of the transactions is expected to occur in the next few weeks, subject to customary closing conditions.
This announcement was made hours after the Times went to press this week. See next week’s paper for complete details.