Greenwich, Connecticut 26 September 2012 -- BD White Birch Investment LLC has completed the acquisition of the assets of White Birch Paper Company, which includes three Canadian mills: Stadacona in Quebec, Masson in Gatineau and F.F Soucy in Riviere-du-Loup.
The sale marks the successful culmination of a restructuring process that has lasted almost three years, resulting in the formation of a revitalized and competitive enterprise.
Peter Brant, CEO of the new White Birch, said, “I am pleased that the conclusion of the restructuring process, together with significant new investment by the Brant family and the Black Diamond-led investment group, has resulted in a healthier, better capitalized company. The process of turning this company around would not have been possible without the support of our management team, new investors and the strong belief by all of our employees that this is a vital business that is well positioned to succeed in the global paper market for years to come.”
Christopher Brant, president of the new White Birch, thanked the various parties that have helped the company through the restructuring process. “Without the contributions of our dedicated employees, our loyal customers and suppliers, our partners at Black Diamond and the support of the Quebec government, the new White Birch's future would not be nearly as bright as it is today."
Commenting on the successful conclusion of the restructuring process, Black Diamond principal Les Meier, said, “While the pulp and paper industry has undergone a significant transformation in recent years, thanks to the hard work and shared commitment of the management team and employees, the new White Birch is better positioned to succeed in this changing environment than ever before."
BD White Birch Investment manufactures newsprint, directory paper and paperboard, with mills located in Canada and the United States, and is the second largest newsprint manufacturer in North America.
Black Diamond Capital Management is an independently owned, credit focused alternative investment firm.