Stonehill Acquires, Starts Up Tissue Converting Operations
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Stonehill Financial, Minnesota, USA, a distressed debt and advisory firm, this week announced the acquisition and commencement of operations of its wholly-owned affiliate Stonehill Converting, a manufacturer of at-home and away-from-home custom tissue case products. Stonehill Converting operates in a 182,000 ft2 building in De Pere, Wis., near Green Bay. Ten converting lines are dedicated to the production of a comprehensive line of tissue paper products including bath, towel, napkin, and facial products. Current capacity of the facility is approximately 200,000 cases per month. Additional production equipment has been installed and the facility will accommodate future planned expansions. Stonehill Financial says it hopes to work with local, state, and federal governments to pursue acquisitions of additional converting equipment and tissue related businesses. At full production, Stonehill Converting anticipates hiring upwards of 130 employees from the extensive pool of experienced paper and converting industry personnel in the Green Bay and Fox Valley areas.
Stonehill Converting further announced that it has obtained a $5 million working capital line of credit and term loan from First Business Capital Corp based in Madison, Wis. Steve Peters, the company's COO, notes that "the $5 million of financing is sufficient to fund our needs for the foreseeable future. We are delighted to have First Business Capital as our funding Partner and appreciate their support of us and our business plans."
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