Larry Epstein and Al Fotheringham founded PaperTech in 1999. The company provides sustainable, dual-ovenable paperboard trays and bowls to food brands, contract food packagers, food service operations, commercial bakeries, quick-serve restaurants and “take-and-bake” pizza companies.
With the completion of the transaction, Epstein will fully retire but will remain as a shareholder in the company. Fotheringham also will remain as a shareholder in the company and will continue to serve as chief development officer.
“Larry and I are extremely excited about the next phase of growth for PaperTech,” Fotheringham said.” After extensive evaluation, we are pleased to be partnering with May River Capital given their focus on doing the right thing every day for employees and customers. We value May River’s unique operational mindset and believe its leadership team will bring meaningful expertise and resources to capitalize on PaperTech’s outstanding growth opportunities.”
Paul Hastings served as legal counsel to May River Capital, while Seyburn Kahn served as legal counsel to PaperTech and its shareholders. Amherst Partners acted as the exclusive financial advisor to the company and its shareholders.