Blackstone on Dec. 2 announced that funds managed by its Blackstone Tactical Opportunities business ("Blackstone") have acquired Sustana Group from an affiliate of H.I.G. Capital.
Terms of the deal were not disclosed.
Headquartered in De Pere, Wisconsin, Sustana Group, which comprises Sustana Fiber and Rolland, uses post-consumer materials to produce a comprehensive suite of recycled fiber, paper and packaging solutions for customers throughout North America. It services a diversified customer base through four facilities, all of which have leading energy efficiency, water conservation systems, wastewater treatment technology and recycling of process by-products.
Andrea Serra, a Managing Director at Blackstone, 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."
Fabian De Armas, CEO and Chairman of Sustana, 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."
TAPPI
http://www.tappi.org/