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Finch, Pruyn shareholders approve sale

GLENS FALLS Finch, Pruyn & Co, Inc., one of the largest private landowners in Hamilton and Essex counties, announced Tuesday that the companys shareholders voted to accept an offer from Finch Paper Holdings LLC (formerly Atlas Paper Resources LLC) to purchase all of the companys assets, including its pulp and paper manufacturing facilities in Glens Falls and its Adirondack forestland. Finch Paper Holdings LLC was formed by an investor group led by Atlas Holdings LLC (Atlas Holdings) and Blue Wolf Capital Management LLC (Blue Wolf). Terms of the sale were not disclosed. The sale is expected to be made final in June 2007. Richard J. Carota, chairman, president and CEO of Finch, Pruyn since 1984 and a 51-year company employee, will serve as chairman, president and CEO of the new company, which will be renamed Finch Paper Holdings LLC. The companys products will continue to be sold under the Finch Paper brand name. We are pleased with the results of the shareholder vote and we look forward to moving ahead with the investor group, which brings key expertise in paper mill ownership as well as a deep understanding of our business through experience investing constructively in companies with substantial relationships with government and labor, Carota said. This will be a partnership built on the common goals of ensuring that Finch Paper continues to provide the best products and service, remains a great place to work and continues as a valued corporate citizen of New York State. I look forward to writing this new chapter in the history of this great organization. Finch Paper is a highly respected brand in the premium paper market, said Andrew Bursky, chairman of Atlas Holdings, which owns four paper mills and nine packaging plants. We look forward to building on our experience in owning and operating paper mills as we seek to expand the companys product line, grow its market share and continue its outstanding tradition of manufacturing and service innovation. Adam Blumenthal, managing partner of Blue Wolf, said, Finch Paper has a long history of delivering top-quality products and service while being the largest for-profit employer in the Adirondack region and a good corporate citizen. We look forward to building on that proud history as we partner with the company, its talented management team and its devoted employees.

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