| Packaging Dynamics Completes Sale of Thilmany Papers |
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Chicago, Illinois, USA 26 June 2013 -- /PRNewswire/ -- Packaging Dynamics Corporation ("Packaging Dynamics") today announced the completion of the previously announced sale of its Thilmany Papers business unit to Expera Specialty Solutions ("Expera") which is controlled by investment funds sponsored by KPS Capital Partners L.P. ("KPS"). Concurrently, Expera also closed on its previously announced acquisition of Wausau Paper's specialty paper business.Roger Prevot, CEO of Packaging Dynamics, commented, "This is truly an extraordinary opportunity to contribute our Thilmany Papers business to form a larger specialty papers company that will deliver lasting value to customers, employees and to the communities in which it operates, and for us to focus exclusively on growing our core packaging and converting businesses which are now approaching $500 million in annual sales."Seth Hollander, a partner at Kohlberg & Company, commented, "We are pleased that our efforts to transform Thilmany's mill operations and to build a world-class organization have positioned it to take this next step." We look forward to building on Packaging Dynamics' strength in fiber-based flexible food and consumer packaging with additional organic growth investments and acquisitions."Moelis & Company, LLC acted as financial advisor and Ropes & Gray LLP acted as legal advisor to Packaging Dynamics in connection with transaction.About Packaging DynamicsPackaging Dynamics is a leading flexible packaging company providing innovative solutions to customers in each of its three business units - BagcraftPapercon, International Converter and De Luxe. Packaging Dynamics is a portfolio company of private investment firm Kohlberg & Company. For more information, visit our website at www.pkdy.com.SOURCE Packaging Dynamics Corporation |
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