Gores Group buys mill from Weyerhaeuser
The Gores Group, the Los Angeles-based private equity firm that owns the majority of Stock Building Supply, led an investor group in the acquisition of the Cosmopolis high purity cellulose mill from Weyerhaeuser.
“The Cosmopolis mill has a wonderful heritage of producing very high-quality products, and we are delighted to operate this mill alongside a management team that has substantial experience restarting and managing similar mills,” said Jordan Katz, managing director of The Gores Group. “We are proud to be leveraging our resources to restore the Cosmopolis mill and create new jobs in the Cosmopolis area.”
Located in Cosmopolis, Wash., the high purity cellulose (also known as dissolving wood pulp) mill will operate under the name of Cosmo Specialty Fibers Inc. Gores will commence a complete refurbishment and restart of the mill, the closure of which was announced by Weyerhaeuser in October 2005.
The investor group includes Dermot Smurfit, a paper and packaging industry veteran. “The mill’s primary products, namely viscose and acetate, are currently in tight supply worldwide, and we see strong growth prospects for the products over the next few years. Gores’ strong operational expertise and focus, combined with the experience of Richard Bassett and his team, which will help refurbish the mill and lead the sales efforts, will ensure a successful restart of the mill and position the asset to achieve its full potential.”