H.I.G. Capital, a global alternative investment firm, has acquired Pixelle Specialty Solutions Holding LLC, a provider of fiber-based specialty services, from Lindsay Goldberg.
Pixelle has a four-mill specialty paper platform with mills across Ohio, Maine, Pennsylvania, and Wisconsin. The mills operate 11 paper machines and deliver over one million tons of paper per year. The firm was formed by Lindsay Goldberg in 2018.
“Together with Lindsay Goldberg, Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets,” said Timothy Hess, Pixelle’s CEO. “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 thank Lindsay Goldberg for their partnership and look forward to our next chapter with H.I.G. Capital.”
Credit Suisse served as lead financial advisor to Pixelle on the transaction. Houlihan Lokey also served as financial advisor to Pixelle. Cravath, Swaine & Moore LLP served as legal advisor to Pixelle. Credit Suisse and Macquarie Capital are providing committed financing in support of the transaction. Macquarie Capital and Jefferies acted as financial advisors and Ropes & Gray LLP provided legal advice to H.I.G. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2022.