Towel and tissue paper maker Wausau Paper (UNKNOWN:WPP.DL) 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.

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