Industrials | Mergers & Acquisitions

NewPage Sells Niagara Mill Site

  • TM Capital acted as exclusive financial advisor to NewPage Corporation in the sale of its Niagara, Wisconsin coated groundwood paper mill site to Niagara Development LLC
  • NewPage was the largest coated paper manufacturer in North America and a portfolio company of Cerberus Capital Management, L.P.
  • NewPage retained TM Capital to seek a buyer for the mill. NewPage planned to shut the mill permanently unless a buyer could be found to operate it on grades other than coated publication papers
  • TM Capital worked with management to develop a business plan to transition the mill to a new product line and solicited investors for the project
  • Our efforts resulted in the sale to Niagara Development, which had acquired a number of former industrial properties with various development plans to maximize both land and site assets
  • The transaction structure limited the parties’ financial exposure to unknown environmental liabilities
  • The sale represented TM Capital’s third transaction for NewPage