AIP’s Play in Pulp
American Industrial Partners sees the cellulose fiber division as a natural extension of its industrial portfolio. “GCF is well-positioned for future growth,” said AIP partner Rick Hoffman. “Its sustainable wood basket, resilient end markets, and industry-leading innovation make it a powerful platform for long-term expansion.”
AIP’s bet on pulp dovetails with macroeconomic forces: rising global incomes, population growth, and consumer demand for hygiene and construction products. BofA Securities is serving as AIP’s exclusive financial adviser and has committed financing in place.
A Broader Recalibration
The divestiture follows International Paper’s $7.2 billion acquisition of DS Smith PLC, which closed earlier this year after European regulators forced the company to sell off overlapping assets. With GCF gone, International Paper doubles down on its packaging empire—betting that the future of the company lies not in fiber pulp, but in boxes and sustainable packaging that fuel global e-commerce and supply chains.
