Private equity firm Wellspring Capital Management agreed to acquire Hoffmaster Group, a manufacturer of disposable tableware, from Metalmark Capital. Financial terms of the agreement were not disclosed.

Founded in 1947, Hoffmaster is a North American manufacturer of a broad portfolio of decorative disposable tableware (napkins, plates, placemats, table covers and other products) for lfoodservice distributors, retail, grocery, mass and club customers.

John Morningstar, a managing partner of Wellspring who leads the firm’s investment effort in the packaging sector, said, “We are pleased to acquire Hoffmaster, which is the established leader in the growing disposable tableware sector. The company is well-respected in its markets and has strong and established relationships with a diverse range of customers. We look forward to partnering with the Hoffmaster management team to capitalize on a range of attractive growth opportunities, including select acquisitions.”

Completion of the transaction is expected in November 2016.

Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal counsel.

New York-based Wellspring Capital Management is a middle-market private equity firm that manages more than $3 billion of private equity capital.