Wells, Others Finance Caraustar Buy
Caraustar Industries, a portfolio company of H.I.G. Middle Market, the dedicated middle market investment affiliate of H.I.G. Capital, completed the acquisition of The Newark Group.
“We are excited to add The Newark Group to our company,” said Caraustar president and CEO Michael Patton. “The combination of these two companies offers a compelling platform for future growth and will make us more competitive in the end — use customer segments we serve.”
“We are pleased to support Michael Patton and his team as they continue building a best-in-class, integrated manufacturer of recycled paperboard and related products,” added Tenno Tsai, a managing director of H.I.G. “We look forward to working with them to integrate Newark into Caraustar and continuing pursuit of our growth plan.”
Caraustar Industries is an integrated manufacturer of 100% recycled paperboard and converted paperboard products.
Cranford, NJ-headquartered The Newark Group is a manufacturer of recycled paperboard, linerboard, industrial tubes, cores and other converted products including book covers and packaging solutions.