Brookfield to sell its controlling stake in N.B. forest products company

EDMUNDSTON, N.B. - Two U.S. investment firms are buying a controlling stake in Twin Rivers Paper Company, Inc., which operates mills in New Brunswick and Maine.

Blue Wolf Capital Partners and Atlas Holdings say they expect to close the deal with Toronto-based Brookfield Asset Management Inc. (TSX:BAM.A) in about three weeks.

They didn't disclose financial details.

Twin Rivers makes specialty papers and lumber products from its operations in Edmunston and Plaster Rock, N.B., as well as Madawaska, Me.

The two U.S. companies have already invested jointly in a pulp mill in Pictou, N.S., and an integrated pulp and paper business in Glens Falls, N.Y.

Separately, Atlas employs about 5,000 people at 30 locations in North America, Europe and Asia while Blue Wolf owns seven U.S. companies.