An Austell company that manufactures products from recycled paperboard has been acquired by an affiliate of a Miami private equity investment firm.
H.I.G. Capital announced Thursday that an unamed affiliate completed the acquisition of Caraustar Industries Inc., one of North America's largest integrated manufacturers and converters of 100 percent recycled paperboard and converted paperboard products.
Previously, Caraustar was majority owned by private investment funds managed by Wayzata Investment Partners LLC. Wayzata acquired its stake in Caraustar in 2009 while the company was in Chapter 11 bankruptcy court protection, a move that reduced Caraustar's debt, drove operational improvements and increased profitability.
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"We believe this is an exciting time in our industry," Mike Patton, the CEO of Caraustar, said in a statement. "I am pleased to have H.I.G.'s support to help us achieve our growth plan. We look forward to working with H.I.G. to build upon our reputation as a customer-oriented market leader."
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