05.January, Gorham NH – Gorham Paper and Tissue was acquired by Behrens Investment Group. In addition to the $8.75 million cash purchase price, the new owner also assumed ~$9.8 million in loan debt and local tax liabilities. The facility will now be known as White Mountain Paper Company.

GPT, under the ownership of Patriarch Partners (including its subsidiary White Mountain Tissue) filed bankruptcy in November.2020. In the bankruptcy filing, GPT identified total debts of at least $50 million. Operating through bankruptcy with about 100 salaried and hourly employees, the mill produces 30,000 tons of “parent roll” tissue and paper towel a year for the private label market.

Until 2006, the Gorham Mill had been served by the St. Lawrence & Atlantic railroad, and was one of long-time anchors of the Grand Trunk branch. The tracks have not been maintained. The cost to rehabilitate the tracks is likely prohibitive.

Behrens managing partner Evan Behrens said in in a statement that his firm will “significantly modernize the facility’s power, water and civil infrastructure to position the mill, and its state-of-the-art White Mountain tissue machine, as a leader among North American tissue and towel producers.”

Price Howard. president of Global Management Partners of Greer, S.C, has been appointed CEO of White Mountain Paper. {Nip Impressions 05.Jan.2021}

Dating to 1852, the Gorham mill is one of the oldest operating paper mills in North America. Patriarch Partners purchased the mill in 2011 after it had been shuttered for several months by the previous owner, Fraser Paper. In 2012, Patriarch installed a new $35 million tissue machine at the plant. In 2018, the three collateralized loan funds used to acquire the distressed assets filed for bankruptcy.