Morgan Stanley Private Credit and Comvest Partners served as co-lead arrangers in providing $90.0 million in junior capital securities to von Drehle, a manufacturer of away-from-home paper products.
“We are pleased to support von Drehle in this comprehensive recapitalization of the company’s balance sheet and look forward to a successful partnership over the coming years,” said Ashwin Krishnan, managing director and a portfolio manager of Morgan Stanley Private Credit. “We believe this financing leaves von Drehle well positioned and well-capitalized for the future needs of the business,” said Bill Gassman, executive director of Morgan Stanley Private Credit.
“von Drehle corporation is uniquely positioned as a result of its domestic manufacturing capacity and multiple converting facilities across the country,” said Tom Clark, partner at Comvest. “We are excited to support von Drehle and its management team in continuing to deliver its high-quality products and service levels to its customers,” said Dan Lee, partner at Comvest.
Headquartered in Hickory, NC, von Drehle is an independent vertical-integrated manufacturer of paper tissue and towels. With its best-in-class papermaking facilities in Cordova, NC, and Natchez, MS, coupled with a broad footprint of paper converting facilities, von Drehle is able to supply accounts nationwide with industry-leading customer service.
