Two New York-based private investment firms agreed to buy a controlling interest in Twin Rivers Paper Co. Inc. for an undisclosed price.

Blue Wolf Capital Partners and Atlas Holdings said they have track records of working with forest products companies in North America. They agreed to acquire the controlling stake from Brookfield Asset Management Inc. The deal is expected to close in three weeks.

Twin Rivers, which has facilities in Madawaska and New Brunswick, produces specialty papers and lumber.

“With the active support, direction and guidance our firms bring, we believe we can provide Twin Rivers with additional resources to address its capital needs, cost structure, market exposure and other critical operational challenges presented by the highly competitive forest products industry,” Tim Fazio, managing partner of Atlas Holdings, said in a statement.

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