Private equity firm May River Capital has acquired PaperTech, a Findlay, Ohio-based manufacturer of paperboard packaging products for the frozen food and foodservice industries. Terms of the deal were not disclosed.
With the completion of the transaction, Larry Epstein, co-founder of PaperTech, will retire but remain a shareholder in the company. Co-founder Al Fotheringham will remain a shareholder in the company and will continue as chief development officer. Jim Morgan, a member of May River Capital’s executive resource group, will take on the role of chief executive officer.
Prior to joining PaperTech, Mr. Morgan was CEO and president of DS Smith’s North American packaging and paper business.
“I am thrilled to be collaborating with Jim to expand our production capabilities, drive commercial innovation and enhance our strategic partnerships,” Mr. Fotheringham said.
PaperTech produces more than 500 million trays annually for food brands, contract food packagers, foodservice operations, commercial bakeries, quick-service restaurants and take-and-bake pizza companies. The company offers a full line of food packaging shapes and sizes with capabilities for custom-design products, all made from 90% or greater renewable and sustainable materials.
“Larry and I are extremely excited about the next phase of growth for PaperTech,” Mr. Fotheringham said. “After extensive evaluation, we are pleased to be partnering with May River Capital, given their focus on doing the right thing every day for employees and customers. We value May River’s unique operational mind-set and believe its leadership team will bring meaningful expertise and resources to capitalize on PaperTech’s outstanding growth opportunities.”
Source: Food Business News