MINNEAPOLIS–(BUSINESS WIRE)–Goldsmith Agio Helms is pleased to announce the sale of its client, Fox Valley Corporation (“Fox Valley” or the “Company”) to Neenah Paper, Inc. (“Neenah”). Fox Valley, through its subsidiary, Fox River Paper, is a leading U.S. producer of premium fine papers based in Appleton, Wisconsin. The Company offers a comprehensive portfolio of writing, text, and cover products that are used in a variety of applications, including corporate communications, greeting cards and invitations, commercial printing, art papers, luxury packaging, and specialty applications.
HIGHLIGHTS FROM THE TRANSACTION
Both Fox Valley and Neenah realized that with the declining use of fine paper, a combination of their respective business units would serve the long term interests of both companies and their, customers, suppliers, employees, local communities, and respective shareholders.
Sean Erwin, Neenah’s Chief Executive Officer and Chairman of the Board, stated, “The purchase of Fox Valley provides a unique opportunity to strengthen our existing Fine Paper business with added scale in the marketplace, better prospects for growth and the ability to offer a broader array of premium branded products and better service to or customers. We also expect to be able to create additional value as we optimize our combined operations and product portfolio.”
Robert Buchanan, Chairman of Fox Valley commented, “Fox River Paper has been owned by our family since 1961. During that time, we have built a solid, profitable business, with a defined niche in the paper industry. The combination with Neenah Paper offered our family and all other constituents an opportunity to build a much stronger fine paper business with solid long-term fundamentals.”
Jeff Miller, President and Chief Executive Officer of Fox Valley remarked, “Since Fox River has made a number of acquisitions over the past 18 years, we are already a blended group of people committed to this business. We have no doubt that our experiences will guarantee a bright future for Neenah Paper. This combination of two recognized market leaders has significant upside potential and the initial reaction from our customer base has been extremely enthusiastic.”
Jerry Caruso, a managing director at Goldsmith Agio Helms who lead the transaction on behalf of Fox Valley, said, “We were pleased to assist Fox Valley find a strategic partner that would both ensure the long term strength of the Company and provide meaningful liquidity to the existing stockholders.”
THE COMPANY
Fox Valley Corporation (www.foxriverpaper.com), is a leading U.S. producer of premium paper products with well-known brands, including Starwhite®, Sundance®, Esse®, and Oxford®. The Company’s offering of fine papers includes the most comprehensive writing, text and cover portfolio in the industry. The Company’s products are used in a variety of applications, including corporate communications, greeting cards and invitations, commercial printing, art papers, luxury packaging, and specialty applications. Fox River Paper is based in Appleton, Wisconsin and has manufacturing operations located in Massachusetts, Ohio, Wisconsin, and California.
Fox River Paper was founded in the 1883 and was a family held business for the past two generations, after it was acquired by the Buchanan family in 1961. Mead Westvaco owned 20% of Fox River Paper, which it had acquired when it merged the Gilbert Paper business with Fox River in 2001.
THE BUYER
Neenah Paper, Inc. (www.neenah.com) manufactures and distributes a wide range of premium and specialty paper grades, with well-known brands such as CLASSIC®, ENVIRONMENT®, KIMDURA®, MUNISING LP®, GESSNER® and varitess®. Neenah Paper is based in Alpharetta, Georgia, and has manufacturing operations in Wisconsin, Michigan, Nova Scotia, Canada, and Bruckmühl, Feldkirchen-Westerham and Lahnstein, Germany. Neenah Paper (NYSE:NP) was spun out of Kimberly Clark in 2005. Fox Valley is its second significant acquisition since the spin out.
ABOUT GOLDSMITH AGIO HELMS
Goldsmith Agio Helms (www.agio.com) provides sophisticated corporate finance advisory and investment banking services to middle-market businesses. The firm’s services include mergers and acquisitions, private placements of debt and equity, distressed advisory and restructuring, and financial advisory and opinion services. The firm operates internationally from its offices in Minneapolis, New York, Chicago, Los Angeles, and London.
If you would like more information about this transaction, contact Jerry Caruso, GCaruso@agio.com, at 612-339-0500.
