Manistique Papers, Inc. (“MPI”) is a producer of uncoated groundwood specialty papers and newsprint made from 100% recycled fiber. The Company is located in Manistique, Michigan and has been manufacturing paper since 1920. MPI operates a single paper machine that has over 130,000 tons of annual capacity. MPI’s products mainly serve the commercial printing industry, with niche positions in foodservice and office products. The largest end use of the Company’s paper for free-standing inserts, which are typically distributed along with newspapers.

Merit invested both subordinated debt and equity in support of the acquisition.