Towel and tissue paper maker Wausau Paper announced yesterday it had completed the sale of its specialty paper business to Expera Specialty Solutions, a recently formed division of private equity firm KPS Capital Partners. The deal, which was first broached in March, resulted in net cash proceeds to Wausau of approximately $105 million.
The transaction includes Wausau Paper's manufacturing facilities in Mosinee and Rhinelander, Wis., but does not include any pension plans, retiree health or death benefits, or their associated liabilities.
A portion of the net proceeds will be used to eliminate the current outstanding balance on the paper maker's revolving-credit agreement of approximately $67 million.
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