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Wausau Paper finds buyer in private equity firm

Equity firm has history of investing in failing companies

3:17 AM, Mar. 22, 2013
Wausau Paper plans to sell its mill in Mosinee, pictured here in February 2012, as well as its mill in Rhinelander to KPS Capital Partners LP, a New York-based private equity firm.
Wausau Paper plans to sell its mill in Mosinee, pictured here in February 2012, as well as its mill in Rhinelander to KPS Capital Partners LP, a New York-based private equity firm.
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Wausau Paper Corp. plans to sell its specialty paper business, along with paper mills in Mosinee and Rhinelander, for $130 million to a company with a history of buying up and then turning around failing companies.

Wausau Paper announced Thursday in a statement that it has signed a nonbinding letter of intent to sell the arm of its company that operates out of central Wisconsin to KPS Capital Partners LP, a New York-based private equity firm. KPS plans to acquire another business and combine it with the mills and Wausau Paper entities it plans to buy.

The firm "pursues businesses facing ...

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