Evanston, Illinois based Industrial Opportunity Partners (IOP) says it has completed the sale of Midwest Paper Group Holdings Inc. to McKinley Paper Co., a subsidiary of Mexico-based Bio Pappel S.A. de C.V.
Midwest Paper is a maker of recycled-content containerboard for corrugated packaging and recycled-content kraft bags that operates from a 1.2 million-square-foot paper mill located in Combined Locks, Wisconsin. The move represents another growth step for Bio Pappel in the U.S., where it has been adding and acquiring facilities for the past several years via its McKinley Paper business unit.
“We’re pleased with what the company accomplished during IOP’s ownership period,” says IOP Operating Principal Dave Mackin, who served as Midwest Paper’s Interim CEO and Chairman of the Board, during IOP’s stakeholder period. “The Midwest Paper team successfully executed IOP’s investment operating plan, which included commercial initiatives and operational improvements that turned a once struggling paper mill into a thriving business.”