The Burnley-based boardmaking and converting group went into administrative receivership on 23 June with DTE Corporate Recovery (PrintWeek, 17 July).
Croftacre plans to operate the group through two divisions, Papermarc Mill and Papermarc Merton.
The Mill business will control its 120,000-tonnes-a-year waste-based containerboard and cartonboard mill in Burnley, while Papermarc Merton will take charge of its three converting plants at Burnley, Leek and Aberbeeg in south Wales.
The acquisition is Croftacres first venture into the paper industry. It is mostly known for its management of companies in the plumbing and heating engineering sector.
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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration.
We are all still left unable to claim the redundancy and notice pay owed..."
"Totally agree"
"Best wishes to everyone involved. Nice to have a good story to read in Printweek."
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