It has been purchased by Rennaissance Mark, a Denver-based company owned by Greg Mosher and Arsenal Capital Partners.
Chairman Paul Reilly said: "The sale is a key step in narrowing our lines of business and reducing our debt load."
Mail-Wells first-quarter combined sales were down 9.5% on last year to 270.4m ($391.7m).
Overall the company recorded a net loss of 14.9m compared to a profit of 2.5m last year.
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