H.I.G. Capital has acquired Spring Grove, Pennsylvania-based Pixelle, a provider of fiber-based specialty solutions. No financial terms were disclosed.
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with over $49 billion of equity under management, is pleased to announce that one of its affiliates has completed the acquisition of Pixelle Specialty Solutions Holding LLC (“Pixelle” or the “Company”).
Headquartered in Spring Grove, PA, Pixelle is a leading provider of fiber-based specialty solutions in North America. Pixelle owns and operates four industry-leading 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.
Timothy Hess, Pixelle’s Chief Executive Officer, said, “Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets. 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,” said Tenno Tsai, Head of North American Industrials at H.I.G. “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 LLP served as legal counsel to Pixelle. Macquarie Capital and Jefferies acted as financial advisors and Ropes & Gray LLP acted as legal counsel to H.I.G.
Pixelle Specialty Solutions® is the largest and fastest-growing manufacturer of specialty papers in North America with one of the most comprehensive portfolios in the industry. Through innovation, quality and expertise, Pixelle delivers high-performance solutions that help customers boost brand appeal, improve customer experience and support sustainability goals. For more information, visit pixelle.com.