Patriarch Investment Funds Complete Acquisition of Paper Mill in Gorham, NH
Patriarch Partners, LLC, a private equity firm and holding company that currently manages 74 companies with annual revenues of more than $8 billion, announced today that Patriarch managed investment funds have completed the acquisition of the Gorham (New Hampshire) paper mill ("Gorham Paper and Tissue" or "Gorham") from FP Acquisitions LLC, a wholly owned subsidiary of Counsel RB Capital, LLC. Patriarch intends to begin the process of refurbishing the paper mill promptly and expects production to resume within four to five weeks.
"We are extremely excited to have finalized this transaction and look forward to the journey of rebuilding and revitalizing the business," said Lynn Tilton, founder and CEO of Patriarch. "Patriarch is committed to turning around distressed and dormant businesses with the dual goal of building portfolio value while sustaining and creating jobs in America. This acquisition presents an opportunity to achieve both goals as we rehire the mill's workforce and make the necessary investments and operational changes to return the company to long-term profitability."
Gorham currently has three paper producing machines - a towel machine and two specialty paper machines. The towel machine is expected to resume production within 30 days, and the two specialty paper machines are expected to begin to operate within 90 days. Patriarch intends to re-hire approximately 200 union workers and management during the next several months, including plant manager Willis Blevins.
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