Sustana has been sold to Hivest Capital Partners

Sustana

Sustana is a leading North American producer of premium recycled fiber and paper products, with vertically integrated capabilities spanning recovered paper collection, recycled fiber production and premium paper manufacturing. The company serves high-value applications, including foodservice packaging, commercial printing, publishing and tissue. Sustana’s differentiated capabilities include FDA-compliant recycled fiber for direct food contact applications, with products utilized by leading global consumer brands.

Sustana operates paper and fiber mills in Québec and Wisconsin, supported by eight recovery facilities across the U.S. and Canada.

The Deal

Sustana engaged Lincoln International as its exclusive financial advisor to identify a partner to support its next phase of growth. Lincoln worked closely with the company, its shareholders and existing lenders to navigate a complex transaction process.

Hivest Capital Partners emerged as the preferred partner given its operational expertise and experience supporting business transformations. The transaction provides Sustana with a stronger financial foundation and greater flexibility to invest in its operations. Under Hivest’s ownership, Sustana will focus on enhancing operational performance, expanding its premium product offerings and capitalizing on growing demand for sustainable materials.

Our Perspective

Eugene Lee, Managing Director in Lincoln’s Capital Advisory Group, commented, “Lincoln’s Capital Advisory and Mergers & Acquisitions Groups worked closely with Sustana and its stakeholders to navigate a complex transaction process involving many key constituents. This is another example of Lincoln’s experience in creating successful outcomes for our clients in situations involving close collaboration across product groups and geographies. Lincoln is proud to have advised Sustana on this transaction.”

Alex Adamic, Director in Lincoln’s Industrials Group and packaging practice, commented, “Sustana is a differentiated platform with vertically integrated capabilities and longstanding relationships with leading global brands. Lincoln’s knowledge of the paper and packaging sector helped position the upside of Sustana and identify an experienced partner in Hivest to build on recent operational improvements and accelerate growth.”

Hivest Capital Partners

Hivest Capital Partners is an independent European private equity firm, authorized by the Autorité des marchés financiers (AMF). With more than $1 billion under management, Hivest Capital Partners invests in ownership transition and development projects for small and mid-cap companies (SMEs and mid-caps) with revenues generally ranging from $50 million to $500 million. Its mission is to help companies reach their full potential through operational performance improvements and innovative growth strategies.

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