New State has made a majority equity investment in Wilmington Paper Corp. and its related affiliates, a value-added services provider in the recovered paper-based fiber space. Stuart Lurie, Chief Executive Officer and son of the Company’s founder Harvey Lurie, and other members of the management team will remain with the Company and have retained a substantial minority stake in the business.
“Wilmington Paper has a differentiated niche in fiber waste given its broad reach, longstanding relationships, and industry expertise and is uniquely positioned to capitalize on the growing worldwide demand for recycled fiber content,” said Kurt Lentz, Senior Principal at New State. “We are delighted to be working with Stuart and his team as we seek to further extend the Company’s reach within the fiber scrap and waste management sector through both organic initiatives and via add-on acquisitions.”
Founded in 1977 and headquartered in Pine Brook, NJ, Wilmington Paper acquires scrap and post-commercial use fiber from a network of over 2,000 converting and waste hauling suppliers across the U.S. The Company utilizes on-premise assets at its suppliers’ sites, in-house logistical and brokering capabilities, and eight strategically-located recycling centers across the eastern and southern U.S. to collect, transport, process, and market premium recycled fiber grades globally into the growing recycled corrugated, tissue, and folding carton production end markets.
Mr. Lurie commented, “New State will be an invaluable partner as we embark on the next chapter of Wilmington Paper’s growth. Their resources will help us invest in the people, innovative technology, and logistical equipment and solutions that will enhance our capabilities and maintain our competitive position in the years to come.”