HarperLove, which is based in North Carolina, has been working with packaging manufacturers for more than 40 years
US investment firm Graycliff Partners has completed the sale of HarperLove, a provider of speciality chemicals and services, to Missouri-based investment and management company HBM.
Financial terms of the acquisition were not disclosed by the parties.
HarperLove, which is headquartered in Charlotte, North Carolina, has been working with packaging manufacturers for more than 40 years. The company offers them a suite of additive solutions that are said to give unique physical attributes to corrugated and paper-based products.
HarperLove’s caters to corrugated packaging manufacturers with speciality adhesives, wet-strength resins, and performance additives.
Originally founded in 1978 as a joint venture between Harper Corporation of America and N.B. Love Industries of Australia, the company began developing additives and adhesives for the corrugated industry. It was acquired by Graycliff Partners in 2014.
Graycliff Partners claims to have helped the company take up various growth initiatives to achieve better margins through vertical integration, while more than doubling its profitability.
HarperLove CEO Alan Clark said: “HBM Holdings quickly stood out as the right partner for our long-term success. Not only do they know the speciality chemicals and packaging markets, but they really took the time to understand HarperLove and the value of our high-touch sales and service model.
“That is what sets us apart; it’s why we have such strong customer retention. We are looking forward to continuing our industry leadership and growth as part of the HBM portfolio.”
HarperLove expands HBM’s portfolio of speciality manufacturing and service firms
For HBM, the acquisition is said to have grown its portfolio of speciality manufacturing and service firms, which includes Aerofil Technology, Mississippi Lime Company, Tru-Flex, and Schafer Industries.
According to HBM, HarperLove has been addressing the operational challenges of customers by focusing on the entire corrugated manufacturing process. This includes enhancing the chemistry of adhesion across the complete range of equipment, conditions and applications.
HBM CEO Anderson Fincher said: “HarperLove’s wealth of experience in the corrugating manufacturing process, clear commitment to their customers’ performance, and proven growth strategy make them an excellent fit for the HBM portfolio.
“We see a terrific opportunity to support their skilled management team in building additional value for the company and its customers as we build in this market and expand further into the packaging space.”