Industrials | Mergers & Acquisitions, Restructurings

Manistique Papers Acquired by The Watermill Group

  • TM Capital acted as exclusive financial advisor to Manistique Papers, Inc. in its 2012 bankruptcy sale to an affiliate of The Watermill Group
  • Manistique Papers is a 130,000 ton per annum producer of groundwood specialty and kraft packaging papers made from 100 percent recycled fiber located in Manistique, on the Upper Peninsula of Michigan
  • Manistique had originally filed for bankruptcy protection in August 2011. The mill had been shut for a six week period at the outset of the bankruptcy process
  • TM Capital worked closely with the Company‚Äôs senior management and legal team, as well as with the Company’s secured and unsecured creditors, on all aspects of the transaction helping to structure and negotiate the final purchase
  • The Watermill Group is a strategy-driven private investment firm that revitalizes companies to drive superior returns. TM Capital subsequently advised another Watermill affiliated company, FutureMark Alsip, on its sale to Corrugated Supplies Company
  • M&A Advisor named the transaction as the winner of its 2012 Restructuring – Community Impact Award
  • The assignment marked TM Capital’s second successful engagement with Manistique. In 2006, TM Capital managed the sale of Manistique, then owned by Kruger Inc., by demonstrating its attractive position in the groundwood specialties subcategory