Packaging Dynamics, a portfolio company of investment firm Kohlberg & Company, has completed the previously announced sale of its Thilmany Papers business unit to Expera Specialty Solutions for an undisclosed sum.
Expera, which is controlled by investment funds sponsored by KPS Capital Partners, concurrently closed on its previously announced acquisition of Wausau Paper's specialty paper business.
Thilmany Papers business will form a larger specialty papers company and its sale will enable Packaging Dynamics to focus on growing its core packaging and converting businesses which are now approaching $500m in sales annually.
Kohlberg & Company partner Seth Hollander said the company's efforts to transform Thilmany's mill operations have positioned it to take this next step.
"We look forward to building on Packaging Dynamics' strength in fiber-based flexible food and consumer packaging with additional organic growth investments and acquisitions," Hollander said.
