Lexington, MA, January 16– The M&A Advisor is pleased to announce 175 nominations, representing over 300 companies have been submitted for the 7th Annual M&A Advisor Turnaround Awards. Watermill Group’s Acquisition of Manistique Papers was named a finalist in two categories: Restructuring Community Impact Award and Sector Deal of the Year: Industrial and Basic Resources between $10-$50 EV.
Watermill’s acquisition of Manistique Papers, Inc. (now doing business as “FutureMark Manistique”) has been selected from the nominees in the first stage of evaluation and the independent panel of judges will now focus their attention on the challenging task of selecting the ultimate award winners.
The winners for Distressed M&A Deal of the Year, Restructuring Deal of the Year, Reorganization Deal of the Year, Refinancing Deal of the Year, Firm of the Year, Turnaround Product/Service of the Year and Turnaround Professional of the Year categories will be announced at the 7th Annual M&A Advisor Turnaround Awards Gala on Wednesday, March 6th at the Colony Hotel in Palm Beach, FL.
“Although the bankruptcy filings of corporations such as Hawker Beechcraft and Residential Capital, municipalities such as Stockton, CA. and the liquidation activities of Hostess Brands, highlight today’s difficult environment, there were thousands of successful turnarounds in 2012 thanks to the energy and ingenuity of the world’s leading restructuring and distressed investing professionals,” says David Fergusson, Senior Managing Director of The M&A Advisor.
FutureMark Manistique enhances the Watermill Group’s investment portfolio of environmental paper manufacturers, which also includes FutureMark Alsip, the leading recycled coated paper producer in North America.
Acquired from Chapter 7 Bankruptcy, the transaction was the result of “an unusual coming together of government entities and the management and the town with a desire to save this operation and retain jobs,” Watermill Group Partner, Robert Ackerman, said. “Their desire to save it and make the sacrifices necessary to get that done was truly impressive to us.”
Steve Karol, Managing Partner & Founder of Watermill Group says “where others see a bankrupt mill in the declining paper industry in Michigan’s Upper Peninsula, Watermill envisions a revitalized, sustainable paper manufacturer which, joined under the FutureMark Paper Group umbrella brand, will offer the only comprehensive line of recycled papers of its kind in North America.”