KPS Special Situations Fund,
L.P. purchased certain assets of Crown Vantage Inc. Additionally, the company
formed Curtis Papers to own and operate the specialty paper and premium papers
businesses of Crown Vantage. KPS invested $10 million of equity to fund the
transaction.
The specialty papers
business of Curtis Papers will be conducted under the name of Curtis Specialty
Papers and will include the paper mills in Port Huron, Mich., and Milford, N.J.
The premium papers business
will operate under the name of Curtis Fine Papers and will conduct operations
out of a paper mill in Adams, Mass., and a coating and converting facility in
Richmond, Va.
Crown Vantage will continue
to run the text and cover mill in Ypsilanti, Michigan under an operating
agreement with Curtis Papers for up to six months while the grades produced in
Ypsilanti are transitioned to the Adams Mill.
In addition to the four
domestic facilities, the new company will also own the stock of Curtis Papers,
Ltd., which consists of two premium paper mills in Scotland. The Scottish mills
market premium papers under the name of Curtis Classic in the U.K. and
throughout Europe.
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