AIP discloses 5.1% stake in Rayonier Advanced Materials

American Industrial Partners has acquired a 5.1% stake in Rayonier Advanced Materials Inc. (NYSE: RYAM), according to a Schedule 13D filing today.

The investment firm purchased 3.4 million shares of the specialty materials company for approximately $25.4 million, excluding brokerage commissions. The shares were acquired through working capital and funds from existing credit facilities.

The filing reveals AIP had previously made an unsolicited takeover proposal for Rayonier Advanced Materials in November 2025, offering $11-12 per share in cash. The company's board rejected the proposal in December 2025, stating it was not in the best interest of the company and its stockholders.

Despite the rejection, AIP proceeded with the stock purchase, stating the shares represent an attractive investment opportunity consistent with its fund's investment objectives for capital appreciation.

AIP indicated it envisions combining Rayonier Advanced Materials with Global Cellulose Fibers, a fluff pulp producer it agreed to acquire from International Paper in August 2025. The firm manages approximately $17 billion in investor capital and is currently investing from a $5.1 billion fund.

The filing states AIP does not intend to pursue transactions opposed by Rayonier's board but would participate if directors explore a potential sale. The firm may engage in discussions with management and other shareholders regarding strategic alternatives and value enhancement plans.

Rayonier Advanced Materials produces specialty cellulose and other forest products. The company had approximately 67 million shares outstanding as of November 2025.

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