PaperTech offers paperboard packaging products to the frozen food industry and foodservice markets
May River Capital has acquired food packaging products provider PaperTech. (Credit: Gerd Altmann from Pixabay)
Private equity company May River Capital has acquired paperboard packaging products manufacturer PaperTech for an undisclosed sum.
Established in 1999, PaperTech is engaged in the manufacturing of paperboard packaging products for the customers in the frozen food industry and foodservice markets.
The company offers sustainable dual-ovenable paperboard trays and bowls for the frozen food industry, school feeding, senior citizen and institutional feeding markets, in addition to commercial bakeries, quick-serve restaurants and take-and-bake pizza manufacturers.
PaperTech provides a full line of food packaging shapes and sizes, as well as delivers custom-design products as per customer requirements.
With around 200 employees, the company supplies more than 500 million trays per annum for major food brands, contract food packagers, food service operations, as well as commercial bakeries, quick-serve restaurants and take-and-bake pizza companies.
Larry Epstein and Al Fotheringham, founders of PaperTech, will continue as shareholders in the company. Fotheringham will also act as chief development officer to the company.
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 mindset and believe its leadership team will bring meaningful expertise and resources to capitalize on PaperTech’s outstanding growth opportunities.”
Paul Hastings acted as legal counsel to May River Capital for the transaction, while Seyburn Kahn served as legal counsel to PaperTech and its shareholders. Amherst Partners served as the exclusive financial advisor to the company and its shareholders.
Recently, Israeli private equity fund Nili Capital Partners acquired fresh produce packaging specialist StePac for an undisclosed sum.
Established in 1992, StePac is engaged in the development, manufacturing and supplying of precision-engineered modified atmosphere and modified humidity fresh produce packaging.