Graycliff Partners has made an investment in Harper Love Adhesive Corporation, a manufacturer of adhesive additives used to bond corrugated boxes. This investment marks the first platform investment for Graycliff’s new fund, Graycliff Private Equity Partners III LP.
“With a long history of growth and a proven, successful management team, Harper Love is an excellent fit for Graycliff Partners,” said Will Henderson, Principal at Graycliff Partners. “We look forward to partnering with CEO Bill Kahn and his team to leverage our investment experience in the specialty chemicals sector.”
Harper Love Adhesive Corporation manufactures specialty liquid products that are added to the base cornstarch adhesive used by corrugating plants. The company’s products enhance the paperboard manufacturing process and impart added strength and wet-resistance to the corrugated box. Harper Love was formed in 1978 as a joint venture of Harper Corporation of America and N.B. Love Industries. The company is headquartered in Charlotte, NC (www.harperlove.com).
“We see significant opportunity for Harper Love to expand internationally, expanding our footprint both in Europe and Latin America,” said Duke Punhong, Principal at Graycliff Partners.
Graycliff Partners invests from $5 million to $25 million of equity and mezzanine capital in companies with revenues of at least $10 million and EBITDA margins of 10% or higher. Sectors of interest include manufacturing, services and distribution. Both control and minority investments are considered. The firm was formed in December 2011 by the former investment team of HSBC Capital. Graycliff Partners is headquartered in New York with an additional office in São Paulo (www.graycliffpartners.com).
“Graycliff’s success investing in companies of our size and focus underscores their expertise and makes them the clear choice for our partner in carrying out our growth plans,” said Bill Kahn, Chief Executive Officer of Harper Love.
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-28-14
