Former Expera / Old Town Pulp Mill Sold
MFGR, LLC announced today that it has sold the former Expera/Old Town pulp mill based in Old Town, Maine to OTM Holdings, LLC. OTM Holdings plans to redevelop the site into a wood fiber-based complex that would include multiple tenants.
MFGR acquired the pulp mill in 2016 after the former owner, Expera, wound down operations. Since 2016, MFGR has worked diligently to identify a strategic buyer that would put the assets purchased by MFGR, including valuable existing permits, back into operation. MFGR recognized that if the right buyer could be located for the former Expera mill, there would be a broad positive impact for the region and help to support Maine’s forest industry. During MFGR’s ownership, existing research being performed within the mill complex by the University of Maine’s Forest Bioproducts Research Institute continued, which included occupying 40,000 square feet of the mill complex rent-free. MFGR is a joint venture comprised of Gordon Brothers, Capital Recovery Group (CRG), Rabin Worldwide and PPL Group.
“We are thrilled to have had the opportunity to acquire a facility that can be redeveloped into a fully integrated fiber-based campus that will capitalize on the mill’s energy platform and the region’s plentiful fiber supply,” stated a representative for OTM Holdings. “We are grateful to MFGR for their creativity and flexibility in providing a solution that allowed this purchase to happen,” he added.
“We are pleased to sell this pulp mill to the right strategic end user. It required a lot of patience and creativity, but we’re confident the new owners will help make this a vibrant manufacturing mill once again,” stated Bob Maroney, President, Commercial & Industrial of Gordon Brothers.
“It’s great to see the potential of this project finally realized. The mill brings a lot of opportunity to the new buyers and the region at large,” stated Bill Firestone, President of CRG.
The mill consists of 400,000 square feet of warehouse buildings, a waste water treatment plant, a 16 MW biomass boiler and approximately 300 acres of land with roughly 4,000 feet of frontage on the Penobscot River.