KPS Capital Partners has completed the acquisitions of the specialty paper businesses of Wausau Paper (NYSE: WPP) and Packaging Dynamics. The latter's specialty paper division is known as Thilmany Papers. KPS has merged the two businesses to form a new company called Expera Specialty Solutions, which will serve a number of end markets. Both specialty paper businesses make paper products for the food packaging, industrial and pressure-sensitive release liner segments. Goldman Sachs and GE Capital provided financing for the transaction.