H.I.G. Capital wraps up acquisition of Pixelle Specialty Solutions from Lindsay Goldberg

Alternative investment firm H.I.G. Capital said that one of its affiliates has wrapped up the previously announced acquisition of Pixelle Specialty Solutions, a provider of fiber-based specialty solutions in North America, from private investment firm Lindsay Goldberg.

The financial terms of the deal were not disclosed.

Pixelle Specialty Solutions was formed by Lindsay Goldberg in 2018 by carving out the specialty papers business of engineered materials manufacturer P.H. Glatfelter.

Timothy Hess — Pixelle Specialty Solutions CEO 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.”

Pixelle Specialty Solutions, which is based in Spring Grove, Pennsylvania, has a total of 11 paper machines that produce over a million tons of paper per year.

The company owns and operates four specialty paper mills located in Chillicothe in Ohio, Jay in Maine, Spring Grove, and Stevens Point in Wisconsin.

Tenno Tsai — H.I.G. Capital North American Industrials Head said: “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.

“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.”