{"id":4304,"date":"2025-06-16T00:00:00","date_gmt":"2025-06-16T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/"},"modified":"2026-06-11T15:44:42","modified_gmt":"2026-06-11T19:44:42","slug":"livingstone-advises-royal-paper-on-180-million-sale-to-sofidel","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/","title":{"rendered":"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Livingstone is pleased to announce the successful sale of substantially all assets of <\/strong><a href=\"https:\/\/www.royalcorporation.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Royal Paper<\/strong><\/a><strong>, a leading tissue and towel manufacturer headquartered in Phoenix, Arizona, to <\/strong><a href=\"https:\/\/www.sofidel.com\/en\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Sofidel America<\/strong><\/a><strong>, the U.S. subsidiary of global tissue producer Sofidel S.p.A. The transaction was completed pursuant to Section 363 of the U.S. Bankruptcy Code. Livingstone served as the exclusive investment banker to Royal Paper in its Chapter 11 proceedings.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Royal Paper is a vertically integrated manufacturer of both private label and branded tissue products, serving retail (At-Home) and commercial (Away-from-Home) customers nationwide. The company operates a paper mill and three converting facilities across the East and West Coasts, with capabilities spanning tissue production, conversion, warehousing, and logistics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In April 2025, Royal Paper filed voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, citing inflationary headwinds, operational disruptions, and constrained working capital. At the time of filing, the company had approximately $225 million in funded debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Livingstone was engaged to conduct a comprehensive, expedited sale process.&nbsp; The prepetition marketing process resulted in Sofidel entering into a $126 million stalking horse purchase agreement concurrently with the Chapter 11 filing.&nbsp; The pre- and post-petition marketing efforts culminated in a competitive court-supervised auction, with Sofidel emerging as the successful acquirer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWe\u2019re proud to have delivered a going-concern sale that preserves jobs, maximizes stakeholder value, and positions Royal Paper\u2019s assets for long-term success under a world-class operator,\u201d<\/em> said <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/zh-hans\/team\/joseph-greenwood\/\"><strong>Joe Greenwood<\/strong><\/a><strong>, Partner at Livingstone<\/strong>. <em>\u201cExecuting a 363 process of this scale requires speed, precision, and creativity, and we\u2019re grateful to the company\u2019s leadership and advisory team for their partnership throughout.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transaction reinforces Livingstone\u2019s reputation as a trusted advisor to middle-market companies navigating financial distress and marks another milestone for the firm\u2019s Special Situations team, highlighting its ability to move quickly and deliver market-clearing outcomes in complex, high-stakes environments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Royal Paper was advised by Livingstone Partners LLC as Investment Banker, Morris, Nichols, Arsht &amp; Tunnell LLP as Legal Counsel, and Novo Advisors as Chief Restructuring Officer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transaction delivers market-clearing outcome through Chapter 11 \u00a7363 sale process<\/p>\n","protected":false},"featured_media":2443,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-4304","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[896,836,840],"date":"20250616","client_type":61,"type":[1072,1084],"region":[1157,1150],"services":[423],"sectors":[534,543],"related_transactions":[4194,4164,4266,5810,5763],"related_testimonials":"","contacts":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel - Livingstone Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel - Livingstone Partners\" \/>\n<meta property=\"og:description\" content=\"Transaction delivers market-clearing outcome through Chapter 11 \u00a7363 sale process\" \/>\n<meta property=\"og:url\" content=\"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/\" \/>\n<meta property=\"og:site_name\" content=\"Livingstone Partners\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-11T19:44:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/08f52852.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 \u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/\",\"name\":\"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel - Livingstone Partners\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08f52852.png\",\"datePublished\":\"2025-06-16T04:00:00+00:00\",\"dateModified\":\"2026-06-11T19:44:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/#breadcrumb\"},\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/#primaryimage\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08f52852.png\",\"contentUrl\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08f52852.png\",\"width\":1200,\"height\":800},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Transactions\",\"item\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/transaction\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/#website\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/\",\"name\":\"Livingstone Partners\",\"description\":\"Deals Done Right.\",\"publisher\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"zh-Hans\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/#organization\",\"name\":\"Livingstone Partners\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/logo_livingstone.svg\",\"contentUrl\":\"https:\\\/\\\/livingstonepartners.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/logo_livingstone.svg\",\"caption\":\"Livingstone Partners\"},\"image\":{\"@id\":\"https:\\\/\\\/livingstonepartners.com\\\/zh-hans\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel - Livingstone Partners","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/","og_locale":"zh_CN","og_type":"article","og_title":"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel - Livingstone Partners","og_description":"Transaction delivers market-clearing outcome through Chapter 11 \u00a7363 sale process","og_url":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/","og_site_name":"Livingstone Partners","article_modified_time":"2026-06-11T19:44:42+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/08f52852.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4":"2 \u5206"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/","url":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/","name":"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel - Livingstone Partners","isPartOf":{"@id":"https:\/\/livingstonepartners.com\/zh-hans\/#website"},"primaryImageOfPage":{"@id":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/#primaryimage"},"image":{"@id":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/#primaryimage"},"thumbnailUrl":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/08f52852.png","datePublished":"2025-06-16T04:00:00+00:00","dateModified":"2026-06-11T19:44:42+00:00","breadcrumb":{"@id":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/#breadcrumb"},"inLanguage":"zh-Hans","potentialAction":[{"@type":"ReadAction","target":["https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/"]}]},{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/#primaryimage","url":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/08f52852.png","contentUrl":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/08f52852.png","width":1200,"height":800},{"@type":"BreadcrumbList","@id":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/livingstone-advises-royal-paper-on-180-million-sale-to-sofidel\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Homepage","item":"https:\/\/livingstonepartners.com\/zh-hans\/"},{"@type":"ListItem","position":2,"name":"Transactions","item":"https:\/\/livingstonepartners.com\/zh-hans\/transaction\/"},{"@type":"ListItem","position":3,"name":"Livingstone Advises Royal Paper on $180+ Million Sale to Sofidel"}]},{"@type":"WebSite","@id":"https:\/\/livingstonepartners.com\/zh-hans\/#website","url":"https:\/\/livingstonepartners.com\/zh-hans\/","name":"Livingstone Partners","description":"Deals Done Right.","publisher":{"@id":"https:\/\/livingstonepartners.com\/zh-hans\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/livingstonepartners.com\/zh-hans\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"zh-Hans"},{"@type":"Organization","@id":"https:\/\/livingstonepartners.com\/zh-hans\/#organization","name":"Livingstone Partners","url":"https:\/\/livingstonepartners.com\/zh-hans\/","logo":{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/livingstonepartners.com\/zh-hans\/#\/schema\/logo\/image\/","url":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/logo_livingstone.svg","contentUrl":"https:\/\/livingstonepartners.com\/wp-content\/uploads\/2026\/05\/logo_livingstone.svg","caption":"Livingstone Partners"},"image":{"@id":"https:\/\/livingstonepartners.com\/zh-hans\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/4304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction"}],"about":[{"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/types\/transaction"}],"version-history":[{"count":0,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/4304\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/5763"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/5810"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/4266"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/4164"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction\/4194"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/team-member\/840"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/team-member\/836"},{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/team-member\/896"}],"acf:term":[{"embeddable":true,"taxonomy":"sector","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/sector\/543"},{"embeddable":true,"taxonomy":"sector","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/sector\/534"},{"embeddable":true,"taxonomy":"service","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/service\/423"},{"embeddable":true,"taxonomy":"region","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/region\/1150"},{"embeddable":true,"taxonomy":"region","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/region\/1157"},{"embeddable":true,"taxonomy":"transaction-type","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction-type\/1084"},{"embeddable":true,"taxonomy":"transaction-type","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction-type\/1072"},{"embeddable":true,"taxonomy":"client-type","href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/client-type\/61"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/media\/2443"}],"wp:attachment":[{"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=4304"}],"wp:term":[{"taxonomy":"client-type","embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/client-type?post=4304"},{"taxonomy":"region","embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/region?post=4304"},{"taxonomy":"sector","embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/sector?post=4304"},{"taxonomy":"service","embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/service?post=4304"},{"taxonomy":"transaction-type","embeddable":true,"href":"https:\/\/livingstonepartners.com\/zh-hans\/wp-json\/wp\/v2\/transaction-type?post=4304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}