Midwest Recycled and Coated Containerboard acquired by equity firm

Midwest Recycled and Coated Containerboard acquired by equity firm

Chicago-area equity firm Industrial Opportunity Partners acquires Wisconsin board mill.

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January 13, 2020

Evanston, Illinois-based private equity firm Industrial Opportunity Partners (IOP) says it has acquired Midwest Recycled and Coated Containerboard Mill LLC (also known as Midwest Paper Group), Combined Locks, Wisconsin. Terms of the transaction were not disclosed by either party.

Midwest Paper, founded in the 1880s, makes and distributes recycled-content containerboard (medium and linerboard) for corrugated packaging, plus recycled bag products and and white paper for book publishing and printing and writing applications.

Dave Mackin, an IOP operating principal, will become the board chair of Midwest Paper. IOP describes Mackin as a member of its board of operating principals, which consists of executives charged to provide leadership to the businesses in which IOP invests.

Mackin’s profile on the IOP website lists a stint as chair of chairman of North Carolina-based metal roofing firm Union Corrugating, as well as executive roles with other metals, manufacturing and automotive sector companies.

“We are excited to partner with the Midwest Paper team,” states Kyle Hood, director of IOP. “We believe that Midwest Paper has a strong position in the market and an excellent reputation with its customers.”

Says Mackin, “We look forward to partnering with the Midwest Paper management team in continuing to enhance the company’s production capabilities, with a focus on delivering high levels of customer service and quality.”

Mike Deprey, a vice president with Midwest Paper, says, “The Midwest Paper management team and I are looking forward to our partnership with IOP. We believe IOP’s operations‐focused approach will assist us in optimizing all aspects of our business to support continued growth and better serve our customers.”

IOP says other firms involved in its acquisition of Midwest Paper included JP Morgan Chase Bank, Chemical Bank, Yukon Partners and legal firm McDermott Will & Emery LLP.

IOP describes itself as having committed more than $900 million in capital since its inception, focusing on businesses with what it calls strong product, customer and market positions, providing management and operational resources to support sales and earnings growth at those businesses.