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Finch Paper Holdings Acquires Finch, Pruyn Paper Business
Glens Falls, New York, USA, 18 June 2007 -- /PRNewswire/ -- Finch Paper Holdings LLC has completed its acquisition of the assets of Glens Falls-based paper manufacturer Finch, Pruyn & Co., Inc. Finch Paper Holdings will continue to operate the Glens Falls pulp and paper manufacturing facilities and to sell its product under the Finch Paper brand name.

Finch Paper Holdings LLC is owned by an investor group led by Atlas Holdings LLC and Blue Wolf Capital Management LLC. Terms of the sale were not disclosed.

"We are pleased to finalize this transaction so we can begin working on our goal of building Finch Paper into a truly competitive, 21st century, top-end independent paper manufacturer," said Andrew Bursky, chairman of Atlas Holdings.

Adam Blumenthal, managing partner of Blue Wolf, said, "Finch Paper has a long history of delivering top-quality products and service. We are pleased to be partnering with current management and employees to continue the company's traditions while maintaining and improving its record of unparalleled customer service with a focus on safety, efficiency, and quality."

Finch Paper Holdings will continue to employ approximately 850 people. Richard J. Carota, chairman, president, and CEO of Finch, Pruyn since 1984 and a 51-year company employee, will serve as president and CEO of Finch Paper Holdings, and chairman of its paper business.

Sanabe & Associates, LLC, acted as financial advisor to Finch, Pruyn in the transaction. John Hancock Life Insurance provided equity and debt financing to Finch Paper Holdings.

About Atlas Holdings LLC

Atlas Holdings LLC operates businesses in a number of industrial sectors, including the paper, packaging, wood products, and steel industries. Atlas operates four paper mills and nine packaging plants throughout North America. Overall, Atlas operates facilities in more than 30 locations throughout North America and Europe. With the addition of Finch, Atlas' affiliated companies will employ approximately 3000 people. For additional information, visit www.atlasholdingsllc.com.

About Blue Wolf Capital Management LLC

Blue Wolf Capital Management LLC is a private equity firm that invests in companies in which effective management of relationships with complex constituencies, such as government and labor, can change organizations and create value. For additional information, please visit www.blue-wolf.com.

About Finch Paper Holdings, LLC

Finch Paper Holdings, LLC, previously known as Finch, Pruyn & Co., Inc., was founded in 1865 as a sawmill, lumberyard and quarry operation on the Upper Hudson River in upstate Glens Falls, NY, and began papermaking operations in 1905. Today, the company is a leader in the premium uncoated printing paper market, manufacturing more than 250,000 tons per year for advertising materials, book publishing and business office uses from its single Glens Falls mill. Finch Paper is recognized throughout the graphic design and printing industries for outstanding brightness, smoothness and print reproduction. The company is also widely regarded for its customer service and its extensive stocking program, with more than 500 different items available for immediate shipment coast-to-coast. Additional information can be found at www.finchpaper.com.

Source: Finch Paper Holdings LLC

Web site: http://www.finchpaper.com/

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