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February 14, 2022

BGL Advises New State Capital Partners on Acquisition of Wilmington Paper Corp.

Brown Gibbons Lang & Company (BGL) is pleased to announce that its client, New State Capital Partners, has acquired Wilmington Paper Corp., a leading global intermediary and processor of production scrap and post commercial use recovered fiber waste.

BGL’s Environmental & Industrial Services investment banking team served as the financial advisor to New State Capital Partners in the transaction. The specific terms of the transaction were not disclosed.

Wilmington Paper is a trusted and reliable service provider that leverages its network and operations to assist thousands of suppliers in maximizing the value of their fiber scrap and waste streams while providing a steady supply of recovered fiber to producers of corrugated, tissue, and paperboard products. The company’s Wilmington Paper division is known for its unique on-premise supplier service model, The Program, a proprietary audit, logistics and revenue management platform, while its Recycling Management Resources division operates specialty recycling centers throughout the U.S.

New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. New State has the ability to invest up to $100 million in equity per transaction. New State seeks to invest in market-leading companies with $8 million to $35 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in 27 companies to date. For more information visit