Acquisition brings together two leading brands known for quality and service
Hoffmaster Group, Inc., a leading U.S. manufacturer of premium disposable tableware, recently announced the acquisition of Paterson Pacific Parchment Company (“Paterson” or “Paterson Paper”), a premier producer of foodservice paper and parchment products. Hoffmaster will assume operations for Paterson as part of its family of production facilities.
Specializing in print and converting paper products and located in Sparks, Nevada, Paterson is majority-owned by members of the Buckley family and a committed group of outside shareholders. With 100 years of expertise and under the leadership of Joe Buckley, Paterson has built a strong reputation with its knowledgeable sales force and breadth of premium foodservice and baking industry products. Paterson’s legacy of quality products will be highly complementary to the Hoffmaster Group portfolio. Together, customers can expect the same exceptional service with an unparalleled offering of products and solutions.
“This is an important acquisition for Hoffmaster as we bring together two leaders in the premium foodservice disposables category,” said Rory Leyden, CEO of Hoffmaster Group, Inc. “We are looking forward to the opportunities that will result from the combined strengths of the two companies. Paterson’s Nevada location increases access to the West, strengthening our national footprint. This partnership enables us to continue our exceptional service with expanded capabilities to our combined customer base.”
“On behalf of the Paterson team, we look forward to joining the Hoffmaster organization,” said Joe Buckley, President of Paterson Paper. “This next chapter will be one of accelerated growth with a continued and dedicated focus on servicing our customers.”
To support the acquisition, Hoffmaster has secured new financing commitments and strategic capital to refinance its capital structure. Gamut Capital Management, L.P. (“Gamut”), a New York-based middle market private equity firm, led an equity investment in Hoffmaster through affiliates of its second institutional fund, Gamut Investment Fund II, L.P. Gamut will partner with existing shareholder, Wellspring Capital Management, L.P. (“Wellspring”), to complete the acquisition and support Hoffmaster in driving further value creation for its stakeholders.
“We appreciate Gamut supporting our strategic initiatives and providing validation of the exciting growth opportunities ahead and look forward to the partnership alongside Wellspring,” adds Leyden.
To learn more about Hoffmaster, visit their website. To learn about Paterson, visit their website.
