Elliott Management to Acquire Paper Source out of Bankruptcy
Funds advised by private equity form Elliott Investment Management L.P. have entered into a definitive agreement to acquire the assets and business operations of Paper Source Inc. Reuters reported the price at $91.5 million.
The acquisition of Paper Source by Elliott allows the Chicago-based stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner committed to the development and growth of the business.
Following the Chapter 11 process, Paper Source will benefit from significantly less debt on its balance sheet, according to Elliott. It will operate from approximately 130 stores across the US, from Papersource.com, as well as its wholesale division, Waste Not Paper by Paper Source.
Elliott is also the owner of bookstore chain Barnes & Noble. The private equity firm said the businesses are highly complementary, and while they’ll continue to operate independently, considerable opportunities exist for mutually beneficial retail partnerships.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).