Industrials | Mergers & Acquisitions

NewPage Sells Kimberly Mill Site

  • TM Capital¬†acted as exclusive financial advisor to NewPage Corporation in the sale of its Kimberly, Wisconsin mill site to an affiliate of American Iron & Metal Company Inc. (AIM)
  • NewPage was the largest coated paper manufacturer in North America and a portfolio company of Cerberus Capital Management, L.P.
  • NewPage indefinitely shut the Kimberly mill in July 2008. NewPage retained TM Capital in 2010 to market the mill to buyers willing to operate it on grades other than coated publication papers
  • The mill attracted an acquisition proposal from a strategic buyer intending to convert production to packaging papers
  • When the potential buyer withdrew its interest late in the process, TM Capital quickly transitioned to a highly competitive process to sell the mill for asset recovery and redevelopment, resulting in the transaction with AIM
  • The transaction included provisions to facilitate negotiations between AIM and the potential strategic buyer
  • AIM, headquartered in Montreal, Quebec, is one of the largest metal recycling companies in North America
  • The sale represented TM Capital’s fourth transaction for NewPage