Capital Recovery Group announces dates for auctioning paper mill equipment in Wisconsin Rapids

After Billerud announced it would sell its idled Wisconsin Rapids property, the new owners will auction off equipment this month.

WISCONSIN RAPIDS – Paper machines and other equipment will be auctioned off later this month in Wisconsin Rapids.

Verso announced in June 2020 it would idle production at its paper mills in Wisconsin Rapids and Duluth, Minnesota, at the end of July because of a decline in demand for graphic paper. In March 2022, Verso officially merged with BillerudKorsnäs AB, who since changed its name to Billerud. Last month, Billerud announced it would sell the idled portions of its Wisconsin Rapids paper mill to Capital Recovery Group LLC.

PCR Rapids, a group made up of Capital Recovery Group, Rabin Worldwide and PPL Group, announced Friday it will start finding parties interested in buying the entire mill site or select portions. According to that announcement, the entire site stands on 1,400 acres along the Wisconsin River. PCR will own the land, but Billerud will continue owning and operating its hydroelectric facilities and the converting facility, employing 130 workers directly.

PCR will market paper machines and other operating equipment for sale. At the same time, the group will host a three-day public auction for spare inventory, maintenance equipment, rolling stock and more from April 23 through 25. Items up for auction include fabricating equipment, complete machine shops, welders, bulldozers, cranes, log loaders, forklifts, pumps, winders and more. The auction can be found at www.rabin.com. More information and appointments can be made to see items for sale by contacting Rabin Worldwide.

Who’s involved?

Capital Recovery Group is a global private equity firm that specializes in industrial assets and real estate. The company revitalizes idled or marginally productive assets and liquidates surplus. The company also provides realty services, including creating opportunity for repurpose, sale, leasebacks, real estate auctions, plant decommissioning, demolition and remediation management. It also offers auction services for industrial assets.

Rabin Worldwide Inc. is an industrial auction and real estate investment company that focuses on acquisitions and sales of industrial equipment and production facilities worldwide.

PPL Group is a private equity firm that offers liquidity solutions for companies through asset disposition, financing or direct investment. The company works with purchasing and selling commercial and industrial assets, real estate and facilities.

More about the sale: Wisconsin Rapids paper mill sale: Here’s what we know, what we don’t know and how we got here

Contact Caitlin at cshuda@gannett.com or follow her on Twitter @CaitlinShuda.