Family-owned Wilmington Paper Corp.’s leaders are pictured from left: Josh Lurie, Stuart Lurie and Brett Lurie
Family-owned Wilmington Paper Corp.’s leaders are pictured from left: Josh Lurie, Stuart Lurie and Brett Lurie
George Kamper

Private equity firm takes majority stake in Wilmington Paper

Wilmington’s management team will remain involved with the company and retain a minority stake in the business.

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November 12, 2021

New State Capital Partners LLC, a private equity firm based in Larchmont, New York, has announced that an affiliate has made a majority equity investment in Wilmington Paper Corp., Pine Brook, New Jersey, and its related affiliates. Wilmington offers recycling management services for recovered paper. Financial terms of the transaction were not publicly disclosed.

As a result of the investment, CEO Stuart Lurie, President Brett Lurie and other members of the management team will remain with the company and have retained a substantial minority stake in the business. Brett says the transaction also will not impact the company’s relationship with suppliers and customers.

Prior to this investment, the company had limited experience in the acquisition space, mostly growing organically. Brett Lurie says the investment from New State will enable the company to grow organically and through acquisitions. He says, “We’ll now have the resources to react to growth opportunities extremely quickly.”

He adds that Wilmington Paper was “looking for a growth partner” and saw a good opportunity with New State.

“We hit it off with their leadership group,” Brett Lurie says. “We were very aligned in strategy for growth, which made it a great partnership. We will be [New State’s] first entry into the recycling space, so we are a new platform business for them.”

Wilmington Paper has a differentiated niche in fiber waste given its broad reach, long-standing relationships and industry expertise and is uniquely positioned to capitalize on the growing worldwide demand for recycled fiber content,” says Kurt Lentz, senior principal at New State. “We are delighted to be working with Stuart and his team as we seek to further extend the company’s reach within the fiber scrap and waste management sector through both organic initiatives and via add-on acquisitions.”

Founded in 1977, Wilmington Paper acquires scrap and postcommercial-use fiber from a network of more than 2,000 converting and waste hauling suppliers across the U.S. The company uses on-premise assets at its suppliers’ sites, in-house logistical and brokering capabilities and eight strategically located recycling centers across the eastern and southern U.S. to collect, transport, process and market premium recycled fiber grades globally into recycled corrugated, tissue and folding carton production end markets.

Stuart Lurie adds, “New State will be an invaluable partner as we embark on the next chapter of Wilmington Paper’s growth. Their resources will help us invest in the people, innovative technology, and logistical equipment and solutions that will enhance our capabilities and maintain our competitive position in the years to come.”