QUEBEC CITY, Sept. 18, 2012 /PRNewswire/ -- BD White Birch Investment LLC today announced the successful completion of the acquisition of the assets of White Birch Paper Company. The completion of the acquisition represents the successful culmination of a nearly three year restructuring process, resulting in the formation of a newly revitalized and competitive enterprise.
Commenting on the announcement, Peter Brant, Chief Executive Officer of the new White Birch, said, "I am pleased that the conclusion of the restructuring process, together with significant new investment by the Brant Family and the Black Diamond-led investment group, has resulted in a healthier, better capitalized company. The process of turning this company around would not have been possible without the support of our management team, new investors and the strong belief by all of our employees that this is a vital business that is well positioned to succeed in the global paper market for years to come. "
Christopher Brant, President of the new White Birch, added, "Without the contributions of our dedicated employees, our loyal customers and suppliers, our partners at Black Diamond and the support of the Quebec government, the new White Birch's future would not be nearly as bright as it is today. I would like to thank them all for their tremendous efforts throughout this long and arduous process."
Continuing, Christopher Brant said, "As the new White Birch moves forward with our current product portfolio, I am excited about the opportunities we have to develop our operations in new products and modernized platforms. Working together with our superb management team and all of the company's stakeholders, I am optimistic about the future and the long-term viability of the new White Birch."
Commenting on the successful conclusion of the restructuring process, Black Diamond Principal Les Meier, said, "I am pleased that this challenging restructuring process has resulted in a stronger, more competitive and more sustainable new White Birch. While the pulp and paper industry has undergone a significant transformation in recent years, thanks to the hard work and shared commitment of the management team and employees, the new White Birch is better positioned to succeed in this changing environment than ever before. I look forward to continuing to work with our partners at the company to ensure its future success."
BD White Birch Investment LLC
About the new White Birch: BD White Birch Investment LLC and its affiliates are manufacturers of high-quality newsprint, directory paper and paperboard, with mills located in Canada and the United States, and the second largest newsprint manufacturer in North America.
Black Diamond Capital Management, L.L.C.
Black Diamond Capital Management, L.L.C. ("Black Diamond" or "BDCM") is an independently owned credit focused alternative investment firm founded in 1995. It is experienced in both performing and distressed markets, investing across four complementary platforms: Control Distressed/Private Equity, Hedge Fund, Mezzanine Funds and CLOs and other structured vehicles. BDCM is a registered Investment Adviser that employs more than 80 people across multiple offices, including Greenwich, CT, Lake Forest, IL and London, England.
SOURCE BD White Birch Investment LLC