Hivest buys recycled-paper maker Sustana from Blackstone
What's the deal? Private equity firm Hivest Capital PartnersDealroom has a profile for this one. Try Dealroom → has acquired SustanaDealroom has a profile for this one. Try Dealroom →, a North American maker of specialty recycled fiber and sustainable packaging and paper, from Blackstone Tactical OpportunitiesDealroom has a profile for this one. Try Dealroom →. The deal closed on October 19, 2026. Financial terms were not disclosed.
Who's involved? Founded in 1882 as the Rolland Paper Company, Sustana runs integrated Recovery, Fiber, and Paper operations across the US and Canada. Hivest is an independent European and US firm that backs buyouts and expansions of mid-sized companies with revenues generally between $50 million and $500 million.
What changes? Hivest has appointed Kevin Richard as chief executive officer. "Our priority is to run our mills safely and reliably, improve efficiency at every site and serve our customers with consistent quality," Richard said.
What's the endgame? Hivest said it will work with management on an operational excellence program spanning safety, mill reliability, energy and raw material efficiency, and procurement. It also plans targeted investment in the mills and recovery network, plus selective add-on acquisitions in North America.
Why now? The sale marks another ownership change for Sustana, which Blackstone bought from H.I.G. Capital in 2021. It comes against a mixed backdrop: US paper production fell in 2025, while packaging paper output rose modestly and containerboard mills stayed relatively busy.
The signal: The handoff reflects continued private-equity appetite for recycled-content and packaging assets in a cyclical, consolidating sector. Without disclosed terms or a stated growth target, though, it is too early to read a broader strategic shift into the move.
Read more: paperage.com
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