Millar Western completes recapitalization, joins forces with Atlas Holdings
Millar Western is pleased to confirm the successful completion of a recapitalization process that will leave the company well placed to respond to and capitalize on developments in the forest sector. With the conclusion of note and share exchange transactions, Atlas Holdings LLC has acquired a majority stake in Millar Western Forest Products Ltd., and will partner with Millar Western management and employees to strengthen and grow the company.
In a news release announcing completion of the transaction, Atlas Co-Founder and Managing Partner Tim Fazio said, “For over 100 years, the Millar Western name has been synonymous with excellence in the forest products industry. We’re combining our resources and industry-specific experience with a company whose distinguished history, skilled workforce, strong management and sound fundamentals offer the roadmap to a vibrant future.”
“Atlas is the ideal partner for Millar Western at this important time for our company,” said Craig Armstrong, President and Chief Executive Officer of Millar Western. “Atlas shares our core values and our commitment to the safety and wellbeing of our people.”
“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,” said Mac Millar, outgoing Chairman of Millar Western. “We are excited to join forces with Atlas.”
Following the transaction, the Millar family will remain a significant shareholder in the company and the company’s current leadership team will stay in place. The company name will stay the same and its head office will remain in Edmonton.