A Paterson-based distributor of paper products has been sold to a New York-based paper company, according to mergers & acquisitions specialist the DAK Group.
The investment bank said in a news release that Paterson Papers’ fourth-generation ownership sold the company to the Metro Division of Lindenmeyr Munroe, based in Purchase. The sale price was not disclosed.
“I am proud of our 107-year history serving customers in New York and New Jersey, and excited about this next step of our history,” Paterson Papers President Michael Prell said in a prepared statement. “The DAK Group located a perfect partner with Lindenmeyr Munroe, one where we can bring additional services to our loyal customers.”
Prell will become a vice president with Lindenmeyr Munroe.
The DAK Group served as the exclusive investment banker and financial adviser to Paterson Papers.
“The owners of Paterson Papers have been able to monetize the exceptional business they have built, while gaining strategic resources to help strengthen their strong regional position,” the DAK Group’s Elyse Greenbaum said in a statement. She led the transaction for the firm.