Sustana Acquired by Hivest Capital Partners: New Prospects for Recycled Fiber
Sustana Acquired by Hivest Capital Partners: New Prospects for Recycled Fiber
North American recycled fiber and paper producer Sustana has a new owner. On 19 October 2026, Hivest Capital Partners completed its acquisition of the group from Blackstone Tactical Opportunities. The financial terms of the transaction were not disclosed.
The deal opens a new chapter for a business that integrates recovered paper collection, recycled fiber production and specialty paper manufacturing. Hivest plans to support the group’s industrial development, although the results of its announced initiatives will only become clear over time.
An integrated business across North America
Sustana’s roots date back to 1882, when the business operated as Rolland Paper Company. Today, the group has integrated operations across North America, organised into three areas: material recovery, fiber processing and paper production.
This structure allows Sustana to operate across several stages of the value chain, from sourcing recovered paper to manufacturing products for commercial, publishing and packaging applications. Its portfolio includes high-quality recycled fibers and papers for specialised uses.
One particularly relevant segment is fiber for food packaging. The EnviroLife and EnviroNatural grades are ISEGA-certified and comply with applicable U.S. Food and Drug Administration requirements for paper materials intended for direct food contact. These technical characteristics matter to packaging manufacturers seeking to combine recycled content with specific safety requirements.
The new owner’s priorities
Hivest Capital Partners is an independent private equity firm active in Europe and the United States, investing in small and mid-sized companies. Its approach involves supporting growth through investment and operational improvements in partnership with the management teams of its portfolio companies.
For Sustana, Hivest has announced a programme covering plant safety, mill reliability, energy efficiency, raw material efficiency and procurement. It also plans targeted investment in mills and the recovery network, while leaving open the possibility of acquiring complementary businesses in North America.
Hivest has appointed Kevin Richard as Chief Executive Officer to lead this next phase. His industrial experience and knowledge of Sustana are cited by the group as important factors in implementing the plan.
Opportunities and challenges ahead
The new ownership structure aims to build on the integration of recovery, fiber production and finished paper manufacturing. In principle, targeted investment and improved efficiency can help strengthen the competitiveness of an integrated producer. The outcome will nevertheless depend on execution, market conditions and the ability to maintain product quality and supply reliability.
For now, Hivest has outlined its priorities but has not disclosed quantitative growth targets or the financial details of the acquisition. The investments actually made and the company’s industrial performance will show what impact the change of ownership has.
