Caraustar Industries, Inc., a portfolio company of H.I.G. Middle Market,
the dedicated middle market investment affiliate of H.I.G. Capital, has
entered into an agreement to acquire The Newark Group, Inc. The
acquisition is subject to customary closing conditions and required
Newark is a manufacturer of recycled paperboard, linerboard, industrial
tubes, cores and other converted product including book covers and
packaging solutions. Headquartered in Cranford, NJ, The Newark Group has
approximately 1500 employees and operates over 20 manufacturing
facilities in the US and Canada.
“The acquisition of The Newark Group is a major milestone in our growth
journey,” said Michael Patton, Chief Executive Officer of Caraustar.
“Bringing together the strengths of our respective companies will
dramatically expand our manufacturing and distribution capabilities to
better serve our growing customer base. We look forward to working with
The Newark Group employees, partners and customers.”
Tenno Tsai, Managing Director at H.I.G. Capital commented, “The
combination of these highly respected companies will significantly build
upon our investment in the recycled paperboard industry. We are
impressed with the capabilities of The Newark Group and look forward to
supporting Mike and his leadership team as they integrate the
About Caraustar Industries
Caraustar Industries, Inc. is an integrated manufacturer of 100%
recycled paperboard and converted paperboard products. The company is a
socially responsible corporation, is committed to environmentally sound
practices and is dedicated to providing customers with outstanding value
through innovative products and services. Caraustar serves the four
principal recycled boxboard product end-use segments: tubes and cores;
folding cartons; gypsum facing paper and specialty paperboard products.
Caraustar is headquartered in Austell, GA and is owned by H.I.G.
Capital. For additional information on Caraustar, please visit the
company’s website at www.caraustar.com.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than
$15 billion of equity capital under management. Based in Miami, and with
offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco
in the U.S., as well as international affiliate offices in London,
Hamburg, Madrid, Milan, Paris, and Rio de Janeiro, H.I.G. specializes in
providing capital to small and medium-sized companies with attractive
growth potential. H.I.G. invests in management-led buyouts and
recapitalizations of profitable and well managed manufacturing or
service businesses. H.I.G. also has extensive experience with financial
restructurings and operational turnarounds. Since its founding in 1993,
H.I.G. invested in and managed more than 200 companies worldwide. The
firm's current portfolio includes more than 80 companies with combined
sales in excess of $30 billion. For more information, please refer to
the H.I.G. website at www.higcapital.com.
Executive Managing Director
Source: H.I.G. Capital