Sustana Sold to Hivest Capital Partners in Ownership Transition

Sustana, a North American producer of recycled fiber and paper products, has been sold to European private equity firm Hivest Capital Partners, according to transaction adviser Lincoln International. Financial terms and the closing date were not disclosed in the provided information.

Sustana operates paper and fiber mills in Québec and Wisconsin, supported by eight recovered-paper collection facilities across the United States and Canada. Its products serve foodservice packaging, commercial printing, publishing and tissue applications.

The company also produces recycled fiber compliant with U.S. Food and Drug Administration requirements for direct food-contact applications. Its products are used by leading global consumer brands.

Hivest to Support Operational Improvements and Growth

Sustana engaged Lincoln International as its exclusive financial adviser to identify a partner for its next phase of growth. Lincoln worked with the company, its shareholders and existing lenders throughout the transaction process.

Hivest was selected as the preferred partner based on its operational expertise and experience supporting business transformations. The transaction is intended to provide Sustana with a stronger financial foundation and greater flexibility to invest in its operations.

Under the new ownership, Sustana plans to improve operational performance, expand its premium product portfolio and respond to growing demand for sustainable materials.

Eugene Lee, managing director in Lincoln International’s Capital Advisory Group, said the firm’s Capital Advisory and Mergers & Acquisitions teams collaborated with Sustana and its stakeholders to navigate a complex transaction involving multiple parties.

Alex Adamic, director in Lincoln International’s Industrials Group and packaging practice, said the firm’s paper and packaging sector expertise helped position Sustana’s growth potential and identify Hivest as a partner to build on recent operational improvements.