Finch, Pruyn & Co. sells assets to investor group
April 24, 2007 - Finch, Pruyn & Co., Inc., today announced that the company's shareholders have voted to accept an offer from Finch Paper Holdings LLC (formerly Atlas Paper Resources LLC) to purchase all of the company's assets, including its pulp and paper manufacturing facilities in Glens Falls and its Adirondack forestland.
Finch Paper Holdings LLC was formed by an investor group led by Atlas Holdings LLC and Blue Wolf Capital Management LLC.
Terms of the deal were not disclosed. The sale is expected to be finalized in June 2007.
Richard J. Carota, chairman, president and CEO of Finch, Pruyn will serve as chairman, president and CEO of the new company, which will be renamed Finch Paper Holdings LLC. The company's products will continue to be sold under the Finch Paper brand name.
"We are pleased with the results of the shareholder vote and we look forward to moving ahead with the investor group, which brings key expertise in paper mill ownership as well as a deep understanding of our business through experience investing constructively in companies with substantial relationships with government and labor," Mr. Carota said.
"Finch Paper is a highly respected brand in the premium paper market," said Andrew Bursky, chairman of Atlas Holdings, which owns four paper mills and nine packaging plants. "We look forward to building on our experience in owning and operating paper mills as we seek to expand the company's product line, grow its market share and continue its outstanding tradition of manufacturing and service innovation."
SOURCE: Finch, Pruyn & Co., Inc.