US-based investment group Atlas Holdings LLC has announced that it has acquired a controlling stake in Canada-based Millar Western Forest Products Ltd following the successful completion of a note exchange transaction and share exchange transaction. These transactions will significantly reduce the company’s indebtedness and strengthen its financial position, enhancing its ability to respond to and capitalize on developments in the forest products industry.
For over 100 years, the Millar Western name has been synonymous with excellence in the forest products industry. This is very much an ‘Atlas-style’ investment; we’re combining our resources and industry-specific experience, both in Canada and the United States, with a company whose distinguished history, skilled workforce, strong management team and sound fundamentals offer the roadmap to a vibrant future. We are thrilled to welcome the Millar Western team to the Atlas family, said Timothy J. Fazio, Managing Partner and Co-Founder of Atlas Holdings.
Established over a century ago, Millar Western is a privately-held, Alberta-based integrated forest products company. The company employs 544 people operating sawmills in Whitecourt and Fox Creek, Alberta, a pulp mill in Whitecourt and woodlands operations supplying all three mills based on sustainable forest management practices.
Atlas is the ideal partner for Millar Western at this important time for our company. Atlas shares our core values and our commitment to the safety and well-being of our people. Their record is one of investing both human and financial capital to spur innovation, preserve and create jobs in Canada and strengthen local economies, said J. Craig Armstrong, President and Chief Executive Officer of Millar Western.
According to a statement, the transactions will significantly reduce the company’s indebtedness and strengthen its financial position, enhancing its ability to respond to and capitalize on developments in the forest products industry.
These transactions ensure that Millar Western is well-positioned to build upon its long history and continue as a strong player in the Alberta forest products industry well into the future. We are excited to join forces with Atlas, said H. MacKenzie Millar, outgoing Chairman of the Millar Western Board of Directors.
