Midas Atlantic Partners, in Partnership With the Najafi Companies, Has Entered Into a Put Option Agreement With Sylvamo Relating to the Potential Acquisition of Its European Operations

Midas Atlantic Partners (“Midas Atlantic”), in partnership with The Najafi Companies, has signed a put option agreement with Sylvamo Corporation (“Sylvamo”) relating to the potential acquisition of its European operations (the “Business”). The transaction comprises Sylvamo’s uncoated freesheet paper mills in Saillat and Nymölla, as well as its forestry and supporting business operations across Europe. Closing is expected in the first quarter of 2027, once the required consultation processes are completed and regulatory approvals are obtained.

The Business is a leading European producer of uncoated woodfree (UWF) paper for office and commercial printing. Its product portfolio spans cut-size office paper, sold under its own brands such as REY and Multicopy as well as on behalf of major OEM and office supplies customers, and paper reels for commercial printers and converters. Headquartered in Belgium, with two large-scale, vertically integrated pulp and paper mills, it serves a longstanding, blue-chip customer base of paper merchants, OEMs and office supplies distributors across Europe. In the fiscal year ended December 2025, the Business generated revenues of approximately EUR 630 million. The Business distinguishes itself through integrated pulp production and wood sourcing, giving it structural cost and supply security relative to non-integrated competitors, combined with strong brand recognition, a broad product range across grades and formats, and an established pan-European distribution footprint.

John Sims, Chief Executive Officer at Sylvamo, stated: “We are confident that we have found the right owner for our European operations in Midas Atlantic and The Najafi Companies. Their experience and operational focus will allow them to position the Business for long-term success. We look forward to ensuring a smooth transition through closing and thereafter.”

Louis Hashtroudi, Founding Partner of Midas Atlantic, added: “We look forward to working with management and our operating partners to build a focused, agile standalone business. This is exactly the type of business we like to acquire: meaningful scale and clear value creation levers, combined with a complex carve-out. We continue to see strong deal flow across the European industrials sector and remain an active acquiror throughout the region.”

Philip Frössling, Founding Partner of Midas Atlantic, commented: “Saillat and Nymölla are vertically integrated mills with deep heritage, strong brands and a solid foundation. We are committed to driving lasting operational improvement to secure a prosperous future for the business. The paper industry rewards patience and operational discipline, which is what our long-term investment philosophy is built on. Our immediate priority is stability and continuity for employees, customers and suppliers.”

Midas Atlantic Partners and The Najafi Companies were advised by Eversheds Sutherland (Legal) and Interpath (Carve-out).

About Midas Atlantic Partners

Midas Atlantic is a private equity group investing in global corporate carve-outs and special situations with clear value creation potential. With a transatlantic presence and international roots, the firm partners with corporates and other non-natural owners globally looking to divest non-core assets across most sectors. Midas Atlantic invests without fund life constraints, enabling it to take a creative approach to transaction structuring, stay invested through market cycles and build value over time. For more information, visit www.midasatlantic.com.

About The Najafi Companies

The Najafi Companies is an international private investment firm founded by Jahm Najafi in 2002. Investing exclusively its internally generated capital, the firm pursues a strategy of concentration rather than diversification, making highly selective, long-term investments across industries. The Najafi Companies has a long track record of acquiring corporate carve-outs across various industries and is Midas Atlantic Partners’ principal investment partner. Its portfolio includes significant holdings globally across a variety of sectors, including media and sports. For more information, visit www.najafi.com.

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