US-based private equity firm Atlas Holdings has completed its purchase of Crown Paper Group, a North American independent regional containerboard business.
The company has acquired Crown Corrugated Company, an integrated mill and containerboard operation with a strategic presence in the Pacific Northwest and Western Canada.
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Also included in the deal is Port Townsend Paper, a company specialising in manufacturing recycled and virgin kraft containerboard, kraft pulp and speciality products in Port Townsend, Washington.
Crown operates an integrated containerboard mill and two converting facilities, namely Crown Packaging and Boxmaster, as well as three company-operated distribution centres.
The financial terms of the transaction have not been disclosed.
Atlas co-founder and managing partner Tim Fazio said: “It’s always an exciting day when we can welcome a great paper and packaging company to the Atlas Family of manufacturing, distribution and logistics businesses.
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By GlobalData“Atlas planted its roots in paper when we were founded with the purchase of a single corrugated medium mill in Indiana, preserving jobs and transforming operations to lay a strong foundation for future growth.
“Now, more than two decades later, paper, packaging and allied industries remain an important and growing sector for Atlas.
“We’re thrilled to welcome the Crown team and excited to get to work in building an even stronger company.”
In a separate development, Atlas has appointed paper and packaging industry executive Randy Nebel as the chairman of Crown’s board of directors.
Nebel was previously president and CEO of Verso Corporation, as well as president of Longview Paper & Packaging.
He said: “I have proudly spent my professional life strengthening and growing paper and packaging businesses and could not be more excited to take on this new role as chairman of Crown Paper.
“Our goal is simple: we will be a superb employer, a trusted steward of our communities and a valued partner for our customers and suppliers.”
