Jan 03, 2011. /Lesprom Network/. Clearwater Paper Corporation has completed its acquisition of Cellu Tissue Holdings, Inc., an Alpharetta, Georgia-based manufacturer of tissue products. Clearwater Paper now has 14 manufacturing locations in the U.S. and Canada, with a fifteenth under construction at Shelby, N.C, as the company said in a press release received by Lesprom Network. "The acquisition significantly expands our tissue business to serve a broad customer base through a truly national network of sales and management professionals, talented manufacturing employees and strategically located production facilities," said Gordon Jones, chairman, president and CEO. "The acquisition supports our strategy to grow our private label tissue business while providing the opportunity to diversify into new channels.” “We are excited about the opportunities the combined company offers our customers, and are pleased to welcome our new employees to the Clearwater Paper family,” said Bob DeVleming, vice president of consumer products. “We are ready to put the combined talents of all of our employees into action to best support Clearwater Paper’s existing and new customers.” Clearwater Paper paid $12 per share in cash for Cellu Tissue's outstanding common stock and funded the acquisition using a combination of existing cash on hand and $375 million of debt financing. The purchase price was approximately $530 million, including equity value of approximately $247 million, retired debt of approximately $267 million and assumed debt of approximately $16 million. The retired debt amount included approximately $32.5 million from Cellu Tissue’s credit facility. Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, hard roll tissue, machine glazed tissue, bleached paperboard, pulp and wood products. The company is a premier supplier of private label tissue to major retailers and wholesale distributors.