Atlas Holdings has refinanced Forest Resources

Lincoln International, a leading global investment bank focused on the mid-market, has announced the successful completion of a financing for Forest Resources LLC (“Forest” or the “Company”), a portfolio company of Atlas Holdings LLC (“Atlas”). Forest is a diversified manufacturer of recycled paper and packaging products, serving a broad base of industrial and consumer customers from its facilities in the United States and Canada.

Lincoln acted as exclusive financial advisor to the Company and Atlas and completed the placement of $45.0 million in senior secured cross-border credit facilities and $48.0 million of junior capital. Proceeds from the transaction were used to refinance the Company’s existing debt, repurchase the equity interests of a minority stakeholder in its Canadian subsidiary and provide for Forest’s ongoing working capital and general corporate needs. The senior secured credit facility was provided by Bank of America and the junior capital was provided by GarMark Partners and LBC Credit Partners. The refinancing enabled the Company to optimize its capital structure by combining the debt capacity of its U.S. and Canadian subsidiaries.

As the Company’s exclusive financial advisor, Lincoln International worked closely with Atlas and Forest’s senior management team on all aspects of the transaction, helping to structure, arrange and negotiate the financing. Tim Fazio, Managing Partner at Atlas, stated, “For the second time in less than a year, Lincoln’s comprehensive capital raising process and deep market knowledge delivered a financing solution that greatly improved the financial flexibility for one of our portfolio companies. Lincoln provided invaluable insight on how to effectively position Forest to lenders and the entire team did an outstanding job executing a complex transaction that enabled us to consolidate the Company’s debt structure and better utilize Forest’s debt capacity.”

Bob Horak, Managing Director and co-head of Lincoln’s Debt Advisory Group, added, “The Forest transaction is an excellent example of how Lincoln can provide a financing solution tailored to non-traditional situations, including cross-border financings. We were very pleased with the outcome of the Forest refinancing and we are looking forward to continuing our strong relationship with Atlas.”

About Forest Resources LLC

Forest Resources LLC is a holding company engaged in manufacturing paper and packaging products, including recycled corrugated medium, kraft, crepe and specialty packaging papers as well as corrugated boxes. Through its Canadian subsidiary, CanAmPac ULC, the Company manufactures clay-coated recycled boxboard and folding cartons primarily for private label food companies and other consumer goods manufacturers. For additional information on Forest Resources, please visit www.atlasholdingsllc.com, www.boehmerbox.com, www.strathconapaper.com, www.ivexsp.com and www.shillingtonbox.com.

About Atlas Holdings, LLC

Atlas Holdings LLC’s operations encompass more than 70 facilities and nearly 8,000 employees worldwide. Its businesses are engaged in a broad spectrum of industries, including food and agriculture, wood products and building materials, pulp and paper manufacturing, packaging, capital equipment, and industrial and business services. Atlas Holdings specializes in the purchase of middle market companies in distress or facing complex issues, including bankruptcy reorganizations, restructurings and challenging corporate divestitures, with a focus on industries it understands well by virtue of historic involvement and experience. Atlas Holdings works closely with its Operating Partners and management teams to build strong standalone companies that can sustain long-term success. Visit www.atlasholdingsllc.com to learn more about Atlas Holdings.

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