Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the industrial, consumer products and retail sectors, announced that it has purchased the assets of Lincoln Paper and Tissue as part of a joint venture that includes Capital Recovery Group, PPL Group and Rabin Worldwide. The Maine-based tissue and paper mill filed for bankruptcy in late September 2015.
"Our purchase of this mill provides a significant opportunity for a strategic operator to restart the mill. In the event an operator does not materialize, we will provide buyers with the chance to purchase some highly desirable, late model paper and tissue equipment," stated Bob Maroney, President of the Commercial & Industrial Division of Gordon Brothers Group. "We are investing capital to maintain a warm idle and would like nothing more than to have an operator restart the plant and create jobs," said Bill Firestone President of CRG.
Lincoln Paper and Tissue's bankruptcy filing resulted from a series of challenges as the company sought to improve its business following a boiler explosion in 2013 and the subsequent loss of a major customer. The company faced headwinds due to trends towards foreign manufacturing of similar products and earlier this fall made the strategic decision to file for bankruptcy.
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About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods. Gordon Brothers Group conducts over $70 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).
About Lincoln Paper and Tissue
Lincoln Paper and Tissue is a leading U.S. manufacturer of high quality tissue products. Located in Lincoln, Maine, Lincoln Paper and Tissue provides commodity and niche-market tissue products to quality-minded customers worldwide. Lincoln Paper and Tissue is the largest producer of deep-dyed tissue in the United States. Lincoln Paper and Tissue's products are used by many of the nation's party goods producers, airlines, and food service companies to create napkins, towels, table covers and other specialty tissue products.