Towel and tissue products producer and distributor Wausau Paper agreed to a deal with Expera Specialty solutions which includes the sale of its specialty paper business. 

Expera Specialty Solutions is a new company backed by private investment firm KPS Capital Partners L.P. The transaction led to a net cash gain of an estimated amount of $105 million to Wausau Paper after liabilities, taxes, and costs were settled.

A part of the net gain will be utilized by Wausau Paper to cut its currently outstanding balance of its revolving credit agreement. The balance stands at $67 million.

Wausau Paper specializes in the production and marketing of a complete line of tissue products and "away from home" towels. The company is based in Mosinee, Wisconsin. It is listed on the New York Stock Exchange under its symbol WPP.

Raquel Palmer, Partner at KPS Capital Partners which formed Expera, said, "Through the acquisitions of Wausau Specialty Paper and Thilmany, Expera immediately becomes North America's leading manufacturer of specialty paper solutions with an industry leading portfolio of brands."