Private equity company Hivest Capital Partners has acquired US-based recycled fibre and paper manufacturer Sustana.
The parties did not disclose the transaction’s financial details.
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Sustana was established in 1882 as the Rolland Paper Company.
The group operates integrated facilities across Canada and the US, processing recovered wastepaper into speciality recycled fibre, as well as sustainable packaging and paper.
The manufacturer supplies its finished output to sectors that it describes as “high-growth, high-value”, such as food packaging.
Kevin Richard has been appointed CEO to direct Sustana’s corporate strategy under its new ownership.
Richard said: “I am delighted to lead Sustana in partnership with Hivest.
“Our priority is to run our mills safely and reliably, improve efficiency at every site and serve our customers with consistent quality. Hivest’s hands-on approach makes it the right partner for this next phase.”
Hivest plans to collaborate with company management on an operational excellence programme.
This plan focuses on mill reliability, workplace safety, procurement practices, and efficiency in raw material and energy consumption.
It also intends to deploy capital toward Sustana’s manufacturing mills and recovery network, alongside selective add-on acquisitions in North America.
Hivest Capital Partners principal Michael Hessney said: “We are proud to partner with Kevin and the Sustana team. Sustana’s integrated footprint, from fibre recovery to finished sustainable paper, gives us a strong base to build on.
“We share a common ambition to make Sustana the reference operator in its markets, working hand in hand with management to drive operational excellence across its mills and recovery network and unlock the full potential of the company.”
Hivest Capital Partners has a presence in the UK, France, and the US. Managing more than $1bn, the company provides capital expansions and buyout funding to small and mid-sized enterprises that generally post annual revenues of $50m to $500m.
