H.I.G. Capital, a global alternative investment firm with more than $49 billion of equity under management, completed its acquisition of Pixelle Specialty Solutions Holding.
Headquartered in Spring Grove, PA, Pixelle is a provider of fiber-based specialty solutions in North America. Pixelle owns and operates four specialty paper mills located in Chillicothe, OH, Jay, ME, Spring Grove, PA and Stevens Point, WI. Collectively the mills operate 11 paper machines and produce more than one million tons of paper annually.
“Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets,” Timothy Hess, CEO of Pixelle, said. “In under four years, 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 our next chapter with H.I.G. Capital.”
“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,” Tenno Tsai, head of North American industrials at H.I.G., said. “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.”
Credit Suisse and Houlihan Lokey served as financial advisors and Cravath, Swaine & Moore served as legal counsel to Pixelle. Macquarie Capital and Jefferies acted as financial advisors and Ropes & Gray acted as legal counsel to H.I.G.
