For Immediate Release
November 2010
Ewing Bemiss & Co. Announces the Sale of Snowflake White Mountain Power, LLC to Najafi Companies
Richmond, Virginia – Ewing Bemiss & Co. is pleased to announce the sale of Snowflake White Mountain Power, LLC (“Snowflake”) through a Section 363 Bankruptcy auction to Najafi Companies, a Phoenix-based private investment firm. Ewing Bemiss & Co. served as the exclusive financial advisor to Snowflake in this transaction.
Snowflake is a 24 megawatt renewable energy power plant (the “Facility”) that combusts biomass to generate electricity. The Facility is located in Snowflake, Arizona, approximately 180 miles northeast of Phoenix, on the site of a recycled paper manufacturing plant owned by Catalyst Paper Corporation (TSX: CTL). The Catalyst paper mill provides a portion of the Facility’s fuel requirement in the form of paper sludge. The balance of fuel is woody biomass generated primarily from forest stewardship and land management activities in the region. The Facility had struggled to meet its financial obligations since being placed in service in June 2008, and hired Ewing Bemiss & Co. to pursue a sale.
Ewing Bemiss & Co. is an investment bank focused on delivering superior service and optimal results to middle market companies. The Snowflake transaction adds to Ewing Bemiss & Co.’s strong experience in the Alternative/Renewable Energy and Environmental Services sectors.
Founded in 1992, Ewing Bemiss & Co. provides merger and acquisition advisory, private capital formation, financial restructuring and strategic advisory services. Ewing Bemiss & Co. provides extensive transaction experience and a strong relationship orientation to clients and is widely recognized for in-depth sector knowledge and expertise in several industries, including Alternative/Renewable Energy and Environmental Services, Healthcare and Business & Technology Services.
For more information, please visit www.ewingbemiss.com or contact:
Mary Bacon
Managing Director
(804) 780-1912
m.bacon@ewingbemiss.com
Henry Berling
Managing Director
(804) 780-1905
h.berling@ewingbemiss.com
Brent Belding
Vice President
(804) 780-1914
b.belding@ewingbemiss.com