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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.
- ◦Acquisition
