Following the recapitalization, Expera remains conservatively capitalized with the continued support of its controlling shareholder, KPS, a private equity firm with more than $6.1 billion of assets under management. KPS and Expera management continue to own 100% of Expera's common stock following the recapitalization.
Russ Wanke, CEO of Expera, said, "In our first year under KPS' ownership, Expera's performance exceeded expectations. Thanks to the dedication and commitment of Expera's employees, we are now a fully integrated, independent and more profitable company focused on innovation, new product development and growth. This recapitalization validates the successful transformation of Expera, and we are pleased to return capital to our stockholders. Our objective is to continue to consolidate the North American specialty paper industry. Our conservative capital structure and the financial support of our stockholders provide us with the resources to support our customers and further expand the Expera platform, both organically and through acquisitions."
Financing for the recapitalization was provided by a syndicate of banks with Bank of America Merrill Lynch and GE Capital Markets, Inc. acting as the Co-Lead Arrangers and Bookrunners on the $75 million cash flow revolving credit facility and the $195 million term loan.
Expera is the leading North American manufacturer of specialty paper products for use in the tape, pressure-sensitive release liner, industrial and food packaging segments.
