Towel and tissue paper maker Wausau Paper (NYSE:WPP) announced yesterday it had completed the sale of its specialty paper business to Expera Specialty Solutions, a recently formed division of private equity firm KPS Capital Partners. The deal, which was  first broached in March, resulted in net cash proceeds to Wausau of approximately $105 million.

The transaction includes Wausau Paper's manufacturing facilities in Mosinee and Rhinelander, Wis., but does not include any pension plans, retiree health or death benefits, or their associated liabilities. 

A portion of the net proceeds will be used to eliminate the current outstanding balance on the paper maker's revolving-credit agreement of approximately $67 million.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.