Blackstone (NYSE: BX), through funds managed by its Blackstone Tactical Opportunities business, has purchased Sustana Group. Sustana is a manufacturer of premium, sustainable recycled fiber, paper and packaging products and affiliate of H.I.G. Capital.

Sustana uses post-consumer materials and high standards of environmental sustainability to produce a spectrum of recycled fiber, paper and packaging services.

“The increasing focus on environmental sustainability by businesses and consumers alike is one of Blackstone’s highest conviction investment themes – and we are proud to back Sustana, a fast-growing leader in this sector,” added Andrea Serra, managing director at Blackstone.

“Blackstone’s investment is a strong endorsement of our Company and our highly talented team, and launches an exciting new chapter for Sustana,” added Fabian De Armas, CEO of Sustana.

TD Securities served as financial advisor to Blackstone, and Weil, Gotshal & Manges; Davies Ward PhillIps & Vineberg; and Simpson Thacher & Bartlett LLP served as legal advisors.