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Atlas Holdings

Ecosystem Private
Headquarters
Greenwich, US
Segment
Investors & Advisers
Stories held
2
Last story
15 Oct 2026

Atlas Holdings is a US private equity firm founded in 2002 and based in Greenwich, Connecticut, that takes controlling stakes in manufacturing and distribution companies, including pulp and paper, packaging, building materials and industrial services. The firm manages roughly USD 18bn in assets across a portfolio of operating companies in North America and Europe.

2 stories · 2026

International Paper in talks with bidders for EMEA packaging unit while preparing spin-off

International Paper is in talks with potential bidders after unsolicited approaches for its EMEA packaging business, the former DS Smith operations, while it continues to prepare a spin-off of the unit. The spin-off, first announced on 29 January 2026, is planned as a London Stock Exchange listing with a Level II ADR programme on the New York Stock Exchange. The company says the sale process is at an early stage with no certainty of a deal, and it will hold a capital markets day on the separation on 3 November 2026.

Why this mattersA sale instead of a London listing would put the former DS Smith corrugated network under a new owner, with its strategy set by the buyer rather than public shareholders.

  • International Paper said on 15 October 2026 it is in discussions with potential bidders after unsolicited approaches for its EMEA packaging business.
  • The company said the sale process is at an early stage and there is no certainty a transaction will be agreed or completed.
  • International Paper is pursuing the spin-off and a possible sale in parallel.
  • The spin-off, first announced on 29 January 2026, is planned as a London Stock Exchange listing with a Level II ADR programme in New York; the standalone company would be named DS Smith plc.
  • A DS Smith Capital Markets Day on the separation is scheduled for 3 November 2026.
  • The statement was issued in response to recent share price movements and press speculation about a sale.
  • International Paper agreed in April 2026 to buy North Pacific Paper Company (NORPAC) from One Rock Capital Partners for USD 360m.
  • International Paper acquired DS Smith in 2025, forming the basis of the EMEA packaging business under review.
  • Lone Star and Atlas Holdings are reportedly the two remaining serious bidders for International Paper's EMEA packaging assets built around DS Smith.
  • Market sources say a final offer could come in below USD 6bn, against the roughly USD 7.2bn (GBP 5.8bn) International Paper paid for DS Smith in 2025.
  • International Paper divested five European plants, three in France and one each in Portugal and Spain, to secure EU antitrust clearance for the DS Smith deal.
  • Lone Star and Atlas Holdings are reported by the Financial Times and Reuters to be preparing separate bids for International Paper's EMEA packaging business.
  • The EMEA packaging unit is valued at under USD 6bn, with no firm offer confirmed.
  • International Paper cut the top end of its annual profit guidance in July 2026 after second-quarter sales missed expectations.
International Paper Atlas Holdings counterparty Lone Star counterparty
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Ontario funds boiler and chemical-plant upgrade plans at Thunder Bay pulp mill

Thunder Bay Pulp and Paper will receive more than CAD 2.4m in Ontario provincial funding to plan boiler and chemical-plant upgrades expected to raise daily kraft production by 11%. The upgrades would also cut bleaching-chemical use by around 30% and reduce annual natural gas consumption by more than 5 million cubic metres. Separately, Ontario is providing CAD 93,000 to AUX Energy for a biomass generator project in Fort Frances and CAD 33,000 to Weyerhaeuser for production-line upgrade studies.

Why this mattersThe upgrade would lift kraft capacity at a Northwestern Ontario mill while cutting gas and chemical use, supporting the region's forestry-sector cost base.

  • Ontario will provide more than CAD 2.4m for planning of boiler and chemical-plant upgrades at Thunder Bay Pulp and Paper.
  • The upgrades are expected to raise daily kraft production by 11%.
  • The mill would need over 130,000 tonnes of additional annual forest biomass to support the higher output.
  • Bleaching-chemical use would fall by around 30% and natural gas consumption by more than 5 million cubic metres a year.
  • AUX Energy will receive CAD 93,000 to plan a biomass-powered generator project in Fort Frances.
  • Weyerhaeuser will receive CAD 33,000 to study production-line upgrades.
  • The mill discontinued newsprint production in the first quarter of 2026.
  • Combined capital cost of the three upgrade projects is estimated at C$170-180m (USD 121-128m) if the company proceeds.
  • The project is expected to create demand for over 130,000 tonnes of forest biomass per year.
  • Ontario frames the funding package as protecting over 700 direct and 3,350 indirect forestry jobs amid US tariff pressure.
Domtar mentioned Government of Ontario counterparty Thunder Bay Pulp and Paper AUX Energy counterparty Weyerhaeuser counterparty Ontario Ministry of Natural Resources counterparty Ontario Forest Industries Association mentioned Atlas Holdings counterparty Paper Excellence mentioned Ontario government counterparty
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