Packaging and paper products company, Cascades, is selling its converting business for the quick-service restaurant industry, Dopaco, to Reynolds Group for $400 million. As part of the deal, Cascades will continue to supply boxboard to Dopaco through a five year supply agreement.

Net proceeds from the sale will mostly be used to pay down Cascades’ debt. Bank of America Merrill Lynch is providing financial advice to Cascades, while K&L Gates is acting as its legal advisor.

Click here for the release from PR Newswire.