Sustana Sold to Blackstone


Sustana, a portfolio company of H.I.G., acquisition by Blackstone


Sustana (the “Company”), a portfolio company of H.I.G. Capital ("H.I.G."), was recently acquired by Blackstone Tactical Opportunities ("Blackstone"). Terms of the transaction were not disclosed.

Baird served as the exclusive financial advisor to Sustana on this transaction.


Sustana is a leading manufacturer of specialty recycled fiber and sustainable packaging and paper products. Using post-consumer recovered wastepaper, Sustana’s products are sold into high growth, high value end markets including food packaging, packaging and premium sustainable papers, where ESG-conscious brands value the ability to tangibly reduce their environmental impact. The Company’s four facilities have industry leading energy efficiency, water conservation systems, wastewater treatment technology and recycling of process by-products. The Company is headquartered in De Pere, Wisconsin.

H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management. Based in Miami, Florida and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the United States, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. H.I.G.’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion.

Blackstone is one of the world’s leading investment firms. Tactical Opportunities (“Tac Opps”) is Blackstone’s opportunistic investment platform. The Tac Opps team invests globally across asset classes, industries and geographies, seeking to identify and execute on attractive, differentiated investment opportunities. As part of the strategy, the team leverages the intellectual capital across Blackstone’s various businesses while continuously optimizing its approach in the face of ever-changing market conditions. Blackstone is headquartered in New York, New York.

Sustana, a portfolio company of H.I.G., acquisition by Blackstone

December 2021
M&A - Sellside
Packaging & Containers
Specialty Materials & Chemicals
Target Geography
North America
Acquiror Geography
North America