Meriturn Partners Sells Stake in Dunn Paper
July 14, 2010 - Meriturn Partners said that it has sold its stake in Dunn Paper Acquisition, Inc., located in Port Huron, Michigan to Wingate Partners, a private investment firm based in Dallas, Texas.
Value of the deal was not disclosed.
Meriturn co-invested with Dunn's management team in October of 2003 to purchase the assets through an out-of-court liquidation from Curtis Paper after the Port Huron mill had been shut down.
Dunn's CEO, Brent Earnshaw commented, "Our relationship with Meriturn enabled us to transform Dunn Paper from an out-of-service mill to an industry leader in manufacturing specialty papers. We look forward to partnering with Wingate as we continue to grow our market position."
Meriturn Partner and outgoing Chairman of Dunn, Mark Kehaya commented, "Dunn Paper was the Meriturn Fund's first investment. Dunn's successful transition over the last seven years is a testament to the hard work of the company's management team and employees with the support of Meriturn Partners."
About Dunn Paper
Dunn Paper, Inc. is a leading specialty paper manufacturer with customers worldwide. The company produces a wide array of specialty waxed, coated, and uncoated MG papers used in various food packaging and specialty label applications. The company is located at the southern tip of Lake Huron in Port Huron, MI, approximately 60 miles north of Detroit.
SOURCE: Meriturn Partners, LLC