THUNDER BAY — Atlas Holdings has completed its acquisition of the Resolute Forest Products pulp and paper mill in Thunder Bay.
The purchase by the U.S.-based private equity firm was first disclosed in May, but required regulatory approval.
In announcing the closing of the deal Tuesday, the company headquartered in Greenwich, Connecticut said it will operate the mill as a standalone company named Thunder Bay Pulp and Paper Inc.
It also named Kent Ramsay, who has served as general manager under Resolute since 2019, president of the new operation.
"The Atlas team has been working hand-in-hand with our local team to prepare for this day as we begin the next chapter of this mill's storied history," Ramsay said. "I am proud to continue to lead this team and work with Atlas to stand up the mill as a thriving, self-sufficient pulp and paper operation and continue our legacy as a hallmark of the Thunder Bay community for many years to come."
Under a long-term supply agreement, wood chips and biomass will continue to be fed to Thunder Bay Pulp and Paper from other Resolute operations in Northwestern Ontario.
The sale of the mill was a condition attached to the federal Competition Bureau's approval of the acquisition of Resolute Forest Products by Paper Excellence Group last year.
Daniel Merriam, principal at Atlas Holdings, said the company has acquired and successfully operated many other pulp and paper businesses since its founding in 2002, including several in Canada.
Atlas also announced the appointment of paper and packing industry executive Randy Nebel as chair of the Thunder Bay Pulp and Paper board of directors.
He previously served as president and CEO of Verso Corporation, a leading North American producer of graphic, specialty and packaging paper and market pulp, and president of Longview Paper & Packaging, a leading manufacturer of high-quality container board, corrugated products and other specialty papers.
Most recently, Nebel served as chair of the board of Crown Paper Group, which Atlas acquired last October.
"Our deep experience across the pulp and paper industry and time spent supporting businesses with Canadian operations will provide the right foundation and guidance for Thunder Bay as we continue to be a trusted employer as well as a reliable partner to our customers, suppliers and the Thunder Bay community," he said in a statement.
