Atlas Holdings is set to sell Iconex Paper to Domtar Corp, marking its full exit from the investment in Iconex, which was carved out from NCR in 2016. This follows the recent sale of Iconex Labels to M2S Group, backed by Wynnchurch Capital. Under Atlas’s ownership, Iconex transformed from a money-losing entity to generating over $115 million in annual EBITDA, returning more than $725 million to its investment fund. Atlas partner Michael Sher emphasized the successful transformation of Iconex into a high-performing organization, showcasing their strategic approach to identifying opportunities in declining markets.