American Industrial Partners (AIP) announced it has completed the acquisition of International Paper’s Global Cellulose Fibers (GCF) business, establishing the unit as a newly independent company.
Headquartered in Memphis, Tennessee, GCF produces absorbent fluff pulp used in personal care products such as feminine care, incontinence products, and infant diapers, as well as other health and wellness applications. The company also manufactures papergrade and specialty pulp products used in tissue, towel, and specialty paper applications.
GCF reported approximately $2.3 billion in revenue in 2024 and employs about 3,300 people globally. The business operates nine manufacturing facilities across the U.S., Canada, and Poland, and maintains a broader footprint across eight countries, including seven pulp mills and two converting facilities.
AIP Partner Rick Hoffman said GCF’s market position, facilities, workforce, and customer relationships provide a strong base for growth. GCF Chief Executive Officer Clay Ellis said the company’s transition to independence represents a new phase and that AIP’s operational approach aligns with GCF’s priorities.
Support: BofA Securities served as the exclusive financial advisor to AIP and provided committed financing. Davis Polk & Wardwell acted as transaction counsel, Ropes & Gray served as financing counsel, and Baker Botts acted as regulatory counsel to AIP.
KEY QUOTES
“We are pleased to officially welcome GCF to AIP and establish the company as a newly independent business. GCF’s leading position in the global fluff pulp market, experienced workforce, well-invested facilities, and strong customer relationships make it well-positioned for future growth. It has been a privilege to work alongside Clay Ellis and the rest of GCF’s talented and tenured management team during the carve-out from International Paper. We look forward to further implementing our combined Operating Agenda, rooted in our commitment to safety, quality, operational excellence, reliability, and long-term value creation.”
Rick Hoffman, Partner, American Industrial Partners
“Becoming an independent company marks an exciting new chapter for GCF, and we are proud to partner with AIP in this next phase. AIP’s long-term investment approach and deep operational expertise align well with our culture and priorities, and we remain focused on serving our customers, supporting our employees, and building on the strong foundation already in place.”
Clay Ellis, Chief Executive Officer, Global Cellulose Fibers
