H.I.G. Capital Completes Acquisition of Pixelle Specialty Solutions
H.I.G. Capital, a global alternative investment firm with over $49 billion of equity under management, has announced that one of its affiliates has completed the acquisition of Pixelle Specialty Solutions LLC.
Pixelle is a producer of specialty substrates for label products, food packaging, industrial applications, commercial and digital printing, and other specialty applications including sustainable packaging. With a legacy of papermaking that dates back to 1864, Pixelle is headquartered in Spring Grove, Pennsylvania, with specialty paper production facilities in Chillicothe, Ohio; Jay, Maine; Spring Grove, Pennsylvania; Stevens Point, Wisconsin; and Fremont, Ohio.
“Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets,” said Timothy Hess, CEO of Pixelle. “In the nearly four years under Lindsay Goldberg ownership, we have transformed Pixelle into the leading specialty-focused paper producer in North America through three strategic acquisitions and successful implementation of a continuous improvement program. We are proud of our accomplishments and look forward to accelerating our growth and development with H.I.G. Capital. We expect the transition to be seamless as we remain focused on providing quality products and service to our customers.”
Credit Suisse served as lead financial advisor to Pixelle on the transaction. Houlihan Lokey also served as financial advisor to Pixelle. Cravath, Swaine & Moore LLP served as legal advisor to Pixelle. Credit Suisse and Macquarie Capital are providing committed financing in support of the transaction. Macquarie Capital and Jefferies acted as financial advisers and Ropes & Gray LLP provided legal advice to H.I.G.
“We are thrilled to partner with Tim and the management team, who have a proven track record of building a best-in-class business and providing the highest levels of quality and service for their customers,” said Tenno Tsai, head of North American industrials at H.I.G. “We are excited about the combination of H.I.G.’s value-added partnership with Pixelle’s differentiated capabilities in technically demanding specialty papers to embark on the next phase of growth.”
H.I.G. currently owns promo supplier Koozie Group and workwear supplier Logo Sportswear Inc., as well as Vision Integrated Graphics, a company that provides print services and marketing solutions for several industries. It previously owned HALO Branded Solutions and Brand Addition.
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