Milbank LLP advised M2Capital AG and the DYNOS Group (“DYNOS”), a leading global manufacturer of vulcanized fiber, on the acquisition of the business of Cheney Pulp & Paper USA (“Cheney”), a manufacturer of high-quality specialty pulps for the paper industry, by way of an asset deal.
DYNOS, based in Troisdorf, near Bonn, Germany, produces vulcanized fiber, an environmentally friendly material created by parchmentizing several paper webs. The natural product is used, among other things, as a carrier material for flexible grinding wheels and for a variety of technical applications. The company has been investing in modern facilities, extensive development work, quality testing and environmental friendliness for over 80 years.
Cheney has been active in the pulp and specialty paper market for over 75 years. The newly formed entity Cheney DYNOS Inc. manufactures pulp from textile wastes and cotton products, which are then used for making high-quality technical paper on an industrial scale. With this acquisition, DYNOS secures its first stage of production in the manufacture of vulcanized fiber. Cheney Pulp & Paper was an owner-operated company, respected in the industry for generations. Its operations are now taking on an important strategic role within the DYNOS Group.
The Milbank team, which advised M2Capital and DYNOS on corporate and tax law aspects of the transaction, was led by partners Sebastian Heim (Corporate/M&A) and Matthias Schell (joint lead, Tax, both Munich).
