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Management Side
Virtus Holdings Acquires Appleton Coated

Combined Locks, Wisconsin, USA 22 December 2014 -- Appleton Coated announced that it has been purchased by Virtus Holdings LLC, a new company formed by members of Appleton Coated's management team.

Virtus Holdings purchased the company from a subsidiary of Sequana SA, which had been the company's ultimate parent. The sale was effective 19 December 2014. The Fox Valley company will continue to operate under the name Appleton Coated LLC, with no substantial business, personnel or operational changes planned for the immediate future.

"We are excited about our plans for the future of the company and are very grateful to our customers, suppliers, and employees who have stood with us through the sales process," said Doug Osterberg, Appleton Coated's chief executive officer. "Additionally, this now makes Appleton Coated an American-owned company."

"Market conditions have been challenging in the coated freesheet industry in recent years, but Appleton Coated's customer focus, rigorous cost management and new business development initiatives have allowed us to meet the challenge," Osterberg added. "Our focused strategies in coated freesheet, along with our new business development efforts are proving successful. We remain firmly committed to the coated freesheet segment, but have substantively diversified our product portfolio with over 40 percent of revenue now generated from products outside of the traditional coated freesheet segment."

To assist the management team with the acquisition, the Wisconsin Economic Development Corporation (WEDC) is providing Appleton Coated with a $4 million loan for the purchase of equipment.

The company will be required to maintain the existing 570 jobs and create 27 new jobs under the terms of the loan. Up to $1 million of the loan may be forgiven depending on how many jobs are created and retained over the next five years.


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