US private equity company Foundation Investment Partners (FIP) has purchased South Carolina-based Paper Converters via its platform company Sustainable Packaging.

Financial terms of the deal remain undisclosed.

Paper Converters was established in 2002 in Walterboro and produces spiral wound paper tubes, edge board, and sheeting.

It mainly caters to the Southeastern US textile sector, with products said to be fully biodegradable and recyclable.

Former owners Kline Smyly and Tanya Barnes will continue with the company to help guide its objectives as it pursues its goal of becoming a leading value provider of paper packaging in the region.

Smyly said: "We are excited to partner with FIP and Sustainable Packaging to continue the company's growth. There is great alignment in the cultures of the businesses in their focus on customer service and value while striving to be a great employer."

According to FIP, the addition of Paper Converters will facilitate collaboration with Amspak across related product categories, given their focus on complementary markets.

In 2024, FIP purchased American Spool & Packaging (Amspak), a specialist in converting sheets and mill rolls into speciality packaging items.

Sustainable Packaging CEO David Partin stated: "We are excited to have the opportunity to develop centres of excellence in each of the facilities to drive increased value to our customers."

FIP managing member David Wood commented: "We strongly believe in the growth potential of this company. The paper tube industry's core strengths - versatility, sustainability, and customisation - support durable, cost-effective, and eco-friendly solutions for a wide range of end markets. Paper Converters exemplifies these strengths."