OpenGate Capital has completed the sale of one of its legacy, pre-fund investments, NorPaper Group, to Gemayel Freres & Chaoui Industriel Group, a Lebanon-based business specialized in recycled corrugated cardboard and packaging products.
Terms of the transaction were not disclosed. OpenGate Capital acquired NorPaper from Canadian paper conglomerate, Cascades, in 2011.
Realizing an opportunity to increase capacity within NorPaper, OpenGate completed an accretive, add-on acquisition in February of 2015 of DS Smith Packaging Papeterie de Nantes SAS, a division of DS Smith, Plc. Integrated into NorPaper, Nantes broadened the product portfolio and added 50kT per year of production capacity through its white top testliner paper made from 100% recycled fiber with best in class quality and printability.
The Nantes mill also addressed growing market demand for paper products in a wider grammage and trim range. Combined, NorPaper and Nantes have an annual capacity of 200kT, making it the leading white top testliner paper producer in France and among the top five in Europe.
NorPaper is a leading producer of white top testliner paper that is sold to European packaging manufacturers.
