MEMPHIS, TN -- International Paper, a manufacturer and distributor of forest products, completed the sale of its Arizona Chemical business to Rhone Capital III L.P. for approximately $485 million on Feb. 28, according to the company. In addition, International Paper will acquire a minority interest of approximately 10% in the acquisition vehicle to be formed by Rhone Capital.

Arizona Chemical supplies pine chemicals to the adhesives, inks and coatings, and oleochemicals markets. The company is headquartered in Jacksonville, FL, and has 11 manufacturing facilities worldwide.

Rhone Capital specializes in mid-market leveraged buyouts, recapitalizations and partnerships with particular focus on European and Trans-Atlantic investments. The acquisition of Arizona Chemical will be an investment of Rhone's third private equity fund.

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