Paper Excellence Completes Acquisition of Catalyst Paper Assets

SEATTLE (Scrap Monster): Paper Excellence Canada has announced that it has finalized the acquisition of Catalyst Paper Corporation. The completion of acquisition of assets has resulted in expansion of the company’s product offerings to include printing papers, specialty and packaging papers.

The acquisition, announced in early-October last year had received clearance from the Canadian Competition Bureau in mid-February this year. The no-action letter issued by the authority had noted that the proposed transaction is unlikely to lead to substantial lessening or prevention of competition in wood fibre procurement in coastal B.C. region.

Brian Baarda, Paper Excellence Canada Chief Executive Officer stated that the acquisition demonstrates the company’s commitment to the B.C province and is a continued step towards its long-term growth plan within Canada’s pulp and paper industry. The combined operations will lead to notable improvement in forestry industry efficiency and sustainability in British Columbia and Canada, he said. The transaction is good news for employees, customers and communities in which it operates, Baarda added.

Premier John Horgan thanked Paper Excellence for its commitment to the B.C. forestry industry. The government will continue its efforts to revitalize the coastal forestry industry, he added.

The transaction included Catalyst’s three facilities located in Crofton, Port Alberni and Powell River, distribution centre located in Surrey and the Richmond headquarters.

Barclays served as the exclusive financial advisor to Paper Excellence on this transaction.