Pixelle Specialty Solutions, a provider of fiber-based specialty products in North America and a portfolio company of Lindsay Goldberg, has signed a definitive agreement to be acquired by an affiliate of H.I.G. Capital, a global alternative investment firm with $48 billion of equity capital under management. Terms of the transaction were not disclosed.
Pixelle was formed in 2018 by Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Pixelle has built a four-mill specialty paper platform with mills in Chillicothe, Ohio; Jay, Maine; Spring Grove, Pennsylvania; and Stevens Point, Wisconsin. Collectively the mills operate 11 paper machines and produce more than one million tons of paper annually.
Credit Suisse served as lead financial advisor to Pixelle on the transaction. Houlihan Lokey also served as financial advisor to Pixelle. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2022.