US private equity company Foundation Investment Partners (FIP) has acquired South Carolina-based Paper Converters through its platform Sustainable Packaging. The financial terms of the deal remain undisclosed. Paper Converters, founded in 2002, specializes in producing eco-friendly paper packaging for the Southeastern US textile sector.

Former owners Kline Smyly and Tanya Barnes will stay on board to guide Paper Converters towards becoming a top provider of paper packaging in the region. FIP believes the acquisition will enhance collaboration with Amspak in related product categories. Sustainable Packaging plans to establish centers of excellence to enhance customer value.

In 2024, FIP acquired American Spool & Packaging (Amspak), expanding its footprint in specialty packaging. Sustainable Packaging CEO David Partin expressed excitement about developing centers of excellence in each facility. FIP’s managing member, David Wood, highlighted the growth potential in the paper tube industry, emphasizing sustainability and customization for diverse markets.

Read more at Yahoo Finance: Foundation Investment Partners acquires Paper Converters