Transaction overview

International Paper (NYSE: IP; LSE: IPC) has entered into an agreement to acquire North Pacific Paper Company (NORPAC), a U.S.-based paper manufacturer owned by One Rock Capital Partners, for $360 million. The deal was announced on April 16, 2026, but the close date is yet to be disclosed. NORPAC operates out of Longview, Washington and produces approximately one million tons of containerboard and other grades annually at its paper mill. With this acquisition, International Paper aims to bolster its presence in the growing West Coast region by leveraging NORPAC's customer base and operational capabilities.

Deal structure and financing

Details regarding the exact equity-debt split for the $360 million acquisition are not disclosed. One Rock Capital Partners served as the financial advisor to the seller, NORPAC, while International Paper engaged One Rock Capital Partners as its buy-side advisor. The transaction is subject to regulatory approval, but no specific information on financing arrangements or leverage metrics has been provided. There is no mention of an IPO optionality for either party.

Strategic context

International Paper's acquisition of NORPAC aligns with the company’s strategic goal to enhance its service capabilities in the West Coast region and expand its customer reach. NORPAC, which employs around 500 people at its Longview facility, complements International Paper’s existing mill system by providing additional flexibility and reducing costs through synergies. Tom Hamic, Executive Vice President and President of Packaging Solutions North America for International Paper, highlighted the strategic fit of the deal in strengthening customer service on the West Coast.

For One Rock Capital Partners, the sale of NORPAC represents a successful exit following several years of operational improvement under its ownership. Tony Lee, Co-Founder and Managing Partner at One Rock, emphasized the transaction’s positive impact on long-term value for both International Paper and NORPAC employees.

Regulatory path

The acquisition is subject to regulatory approval, with no further details provided regarding specific regulators or jurisdictions involved in the review process. Given the nature of the deal and the industries involved, it is likely that antitrust authorities such as the Federal Trade Commission (FTC) and the Department of Justice’s Antitrust Division will be among those reviewing the transaction. No information has been released about any required remedies or HSR/EU filing dates at this stage.