Crown Paper Group, Inc. entered into an agreement to acquire Corrugated Packaging Plant in Richmond, British Columbia from Cascades Inc. for $65.5 million. 

Crown Paper Group is part of Atlas Holdings, a Greenwich, Connecticut-based collection of more than 25 companies predominantly in the manufacturing and distribution sectors. Crown Paper’s operating units include Crown Packaging, Boxmaster and Port Townsend Paper Co., which operates a blended virgin fiber and recycled containerboard mill in Port Townsend, Washington.

Kingsey Falls, Quebec-based Cascades has more than 60 operating facilities in Canada and the United States, including recycled paperboard mills.

The sale forms part of Cascades’ plan to streamline its asset base and bring down its debt levels.  

The deal covers the plant’s real estate and includes customary working capital adjustments, as well as the transfer of certain liabilities to the buyer.