Raleigh, North Carolina, USA, 14 February 2011 – Meriturn Partners, LLC announced today it has signed a tentative agreement with Brookfield Asset Management to acquire Katahdin Paper Co, LLC. The agreement outlines a number of contingencies and conditions that have to be addressed for the sale to close by the end of April. The deal would include mills at East Millinocket and Millinocket, Maine.
One of Meriturn’s partners, Lee Hansen, commented “We believe with the right capital expenditures and product development Katadhin can and will return to profitability. We look forward to working together with all the constituents involved to address the remaining diligence items and preserve these jobs in Maine."
Meriturn Partners, LLC, and its affiliates invest in corporate recapitalizations, restructurings, and turnarounds where its capital, financial restructuring, and operational initiatives can improve the profitability and growth of the businesses. The partners target investments in companies operating in basic industries (manufacturing, services, distribution, etc.) with USD 50-250 million of revenue and that are based in the United States and Canada. Meriturn was founded in 2001 and has offices in San Francisco, California, and Raleigh, North Carolina.