According to a report in Resource Recycling, Crossroads Paper recently drew capital from an investment firm as it continues to develop a $320 million containerboard mill that would serve as a big buyer of recycled fiber in the western United States. The mill, which was announced in July 2019 and is being led by brothers Ron and John Sasine, received funding from investment firm Peterson Partners last month. The investment company is based in Salt Lake City, where the mill is planned to be sited.
Matthew Day of Peterson Partners said the firm believes Crossroads will be “a critical piece of the recycling, packaging and e-commerce infrastructure of the West.”
The Crossroads plans call for a 350,000-tons-per-year containerboard mill that uses 100 percent old corrugated containers (OCC) and mixed paper. When the project was first announced, the Sasines anticipated a budget of about $320 million for the mill. In a July 1 interview, the Sasines said Peterson’s previous investment history makes it a particularly good fit for the Crossroads project.
“They have such a great track record of backing exciting and interesting companies that reshape an industry,” said Ron Sasine. “Their investment in software-as-a-service companies has reshaped the way software is provided and used.”
