Wausau Paper Corp. announced on Monday that it has signed a final agreement to sell its two remaining mills. The mills will merge with other Wisconsin mills under new ownership by KPS Capital Partners LP, a New York private equity firm. KPS has agreed to acquire both the Rhinelander and Mosinee mills from Wausau Paper as well as Thilmany Papers’ mills in Kaukauna and De Pere.
Monday, the paper company announced it will go by the formal name of Expera Specialty Solutions LLC. It will employ over 1,800 workers in the state and will create the largest specialty paper company in North America, said KPS Partner Raquel Palmer.
Wausau Paper will not have any equity ownership in Expera and the transaction will result in net cash proceeds to Wausau Paper of approximately $110 million after settlement of transaction-related liabilities, cost of transactions and taxes.