An affiliate of US-based private equity firm HIG Capital has divested recycled fibre, paper and packaging supplier Sustana Group.
Sustana uses post-consumer materials to produce recycled fibre, paper and packaging solutions.
The group consists of Rolland, which HIG Capital bought from Cascades in 2014, and Sustana Fiber.
It operates four facilities and delivers products for the food packaging, speciality paper and printing paper industries across North America.
Funds managed by Blackstone Tactical Opportunities acquired the group, based in Wisconsin, for an undisclosed sum.
Blackstone managing director Andrea Serra said: “The increasing focus on environmental sustainability by businesses and consumers alike is one of Blackstone’s highest conviction investment themes – and we are proud to back Sustana, a fast-growing leader in this sector.
“We look forward to partnering with the company and its management team to continue accelerating their further expansion as they deliver leading sustainability products and solutions to their customers.”
Sustana chairman and CEO Fabian De Armas said: “Blackstone’s investment is a strong endorsement of our company and our highly talented team, and launches an exciting new chapter for Sustana.
“Our team has built a leading sustainability platform in our markets and Sustana is well-positioned for robust continued growth in partnership with Blackstone.”
Robert W Baird & Co served as HIG and Sustana’s exclusive financial advisor for the transaction, while McDermott Will & Emery offered legal assistance.
Based in Florida, HIG Capital currently has more than $45bn of equity capital under management.
Earlier this year, an affiliate of the company acquired North Carolina-based corrugated packaging manufacturer JPM.
JPM produces medium, corrugated sheets and digitally printed corrugated packaging for companies in the south-east of the US, as well as the e-commerce, food and beverage, durable and non-durable end-markets.