Hivest Capital Partners (“Hivest”), an independent European and U.S. private equity firm, has completed the acquisition of Sustana.
Founded in 1882 as the Rolland Paper Company, Sustana is today a leading North American manufacturer of specialty recycled fiber and sustainable packaging and paper, with integrated operations across the United States and Canada. Using recovered wastepaper, Sustana’s products are sold into high-growth, high-value end markets including food packaging and premium sustainable papers, where sustainability-focused brands value the ability to tangibly reduce their environmental impact.
Hivest will work with management on an operational excellence program covering safety, mill reliability, energy and raw material efficiency, and procurement. It will also support targeted investment in the mills and recovery network, and selective add-on acquisitions in North America.
To lead this ambitious growth agenda, Hivest has appointed Kevin Richard as Chief Executive Officer. Kevin’s prior leadership and knowledge of Sustana, coupled with his decades of industry experience, position the business for long-term sustainable growth.
“I am delighted to lead Sustana in partnership with Hivest,” said Kevin Richard, Chief Executive Officer of Sustana. “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.”
Michael Hessney, Principal at Hivest Capital Partners, added: “We are proud to partner with Kevin and the Sustana team. Sustana’s integrated footprint, from fiber 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.”
McDermott Will & Schulte LLP and Blake, Cassels & Graydon LLP acted as legal counsel to Hivest. Financial terms of the transaction were not disclosed.
