Wingate Partners has acquired Nekoosa Coated Products, a manufacturer of specialty paper products, from Dunsirn Partners and PS Capital Partners.
Nekoosa Coated Products is a manufacturer of specialty paper products including carbonless cutsheet and digital carbonless paper for businesses and institutions such as printers, banks and hospitals. The business was part of 3M until it was spun out in 1996 as one of seven operating divisions of Imation, a new company formed by 3M. In 2005, the Imation Specialty Paper division was acquired by Dunsirn Partners and renamed Nekoosa Coated Products. In 2006, the company acquired the carbonless paper business of Nashua Corporation to further expand Nekoosa’s presence in the carbonless market. Nekoosa Coated Products is headquartered in Nekoosa, WI (www.nekoosacoated.com).
Wingate Partners makes control equity investments in manufacturing, distribution and service businesses, typically with revenues between $50 million and $250 million. Since founding in 1987, Wingate has managed four funds with total capital of approximately $500 million. The firm is based in Dallas (www.wingatepartners.com).
Wingate partnered with Nekoosa president Paul Charapata, along with John Danio, vice president of sales and marketing, and Tim Reimer, controller, to acquire the business. “Nekoosa Coated Products is an ideal situation for Wingate – a strong, innovative management team that leads a very well positioned business in vital markets,” said Brad Brenneman, Principal at Wingate Partners. “We are honored to partner with Paul, John and the Nekoosa team and look forward to supporting their vision to further grow Nekoosa with the end goal of bringing increased value to our customers.”
“This investment by Wingate Partners enables us to accelerate our growth as we strive to provide even more value added products and services for our customers through a shared vision of strategic partnerships, including acquisitions,” said Mr. Charapata. “This is an exciting time for all Nekoosa employees and customers as we build upon the foundation of success we created together with a fantastic new partner.”
Greene Holcomb & Fisher (www.ghf.net), an investment banking firm that specializes in mergers and acquisitions, private placements and financial advisory services for the middle market, represented Nekoosa Coated Products in this transaction. “The transaction provides an opportunity for Nekoosa’s exceptional management team and dedicated employees to work closely with Wingate, a private equity firm with a well-earned reputation for supporting strategic growth,” said Eric Nicholson, Managing Director of Greene Holcomb & Fisher.
Dunsirn Partners makes control investments in small to mid-size manufacturing, distribution and packaging companies that have revenues from $20 million to $100 million. The firm is base in Greenville, WI (www.dunsirnpartners.com).
PS Capital Partners is a private equity firm founded by Paul Sweeney and Paul Stewart. With access to equity capital provided by high net worth individuals and family trusts, PS Capital Partners invests in manufacturing and process businesses located in the Upper Midwest with revenues ranging from $10 million to $50 million. The firm is based in Milwaukee, WI (www.pscapitalpartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-11-12
