Thunder Bay Pulp and Paper Acquires Thunder Bay Mill from Resolute FP Canada

Major Pulp and Paper Operation in Thunder Bay, Ontario Joins Atlas Holdings’ Family of Leading Pulp, Paper and Converting Companies

GREENWICH, CT — Atlas Holdings (“Atlas”) announced today the closing of the previously announced acquisition of the pulp, newsprint and directory paper mill operations in Thunder Bay, Ontario (“Thunder Bay” or “Mill”) from Resolute FP Canada Inc. by Atlas’ affiliate, Thunder Bay Pulp and Paper Inc.

Thunder Bay is a leading northern bleached softwood kraft and northern bleached hardwood kraft pulp, paper, newsprint and directory producer. The Mill has been a landmark in northwestern Ontario for more than a century. Kent Ramsay, who has served as General Manager of the Mill since 2019, has been named President of Thunder Bay Pulp and Paper.

“The Atlas team has been working hand-in-hand with our local team to prepare for this day as we begin the next chapter of this Mill’s storied history. I am proud to continue to lead this team and work with Atlas to stand up the Mill as a thriving, self-sufficient pulp and paper operation and continue our legacy as a hallmark of the Thunder Bay community for many years to come,” said Kent Ramsay.

“We wish to welcome the Thunder Bay team to the Atlas family of companies. We look forward to working alongside Kent and his team to build upon the Mill’s heritage as a trusted employer in the region and reliable industry player,” said Daniel Merriam, Principal at Atlas Holdings. “Atlas has successfully partnered with experienced Leadership Teams to acquire, strengthen and operate many pulp and paper businesses since our founding more than two decades ago, including several in Canada, and we are excited by the opportunity to bring our team’s experience to further the legacy of this Mill as Thunder Bay Pulp and Paper.”

Atlas also announced the appointment of paper and packaging industry executive Randy Nebel as Chairman of the Thunder Bay Pulp and Paper Board of Directors. Nebel has extensive experience in the pulp and paper sector, having previously served as President and Chief Executive Officer of Verso Corporation (NYSE: VRS), a leading North American producer of graphic, specialty and packaging paper and market pulp, and President of Longview Paper & Packaging, a leading manufacturer of high-quality containerboard, corrugated products and other specialty papers. Most recently, Nebel has served as Chairman of the Board of Crown Paper Group, which Atlas acquired in October 2022.

“The Board is looking forward to guiding Thunder Bay Pulp and Paper in this new era for the business. Our deep experience across the pulp and paper industry and time spent supporting businesses with Canadian operations will provide the right foundation and guidance for Thunder Bay as we continue to be a trusted employer as well as a reliable partner to our customers, suppliers, and the Thunder Bay community,” said Randy Nebel.