Equity financing for the transaction was provided by Mason Wells and certain members of Pacon’s executive team and board of directors.
“Mason Wells is pleased to re-invest alongside the management team to support Pacon’s growth initiatives,” said Tom Smith, executive managing director of Mason Wells. “The acquisition of Roselle’s assets achieves many of Pacon’s strategic initiatives, including diversification of its customer base and broadening its product offerings.”
Roselle Paper is a producer of school, office and art products. The company serves the education, art and office markets through retailers, school distributors and wholesalers. The company was founded in 1964 and is based south of Newark in Roselle, NJ (www.rosellepaper.com).
Pacon Corporation, acquired by Mason Wells in November 2011 from The Van Hoof Companies, is a converter and marketer of education, art and craft products marketed globally through retailers, educational distributors and wholesalers. Pacon primarily sells its products into two markets: school and art. Company brand names include Peacock, Tru-Ray, Fadeless and Strathmore Artist Papers. Pacon has facilities in Appleton and Neenah, WI; Barrie, ON; and Shropshire, UK. The acquired assets and operations of Roselle will be consolidated with Pacon’s facilities in Appleton and Barrie. Pacon was founded in 1951 and is headquartered in Appleton, WI (www.pacon.com) (www.strathmoreartist.com).
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of at least $5 million. Sectors of interest include consumer packaged goods, packaging materials & converting, and engineered products & services. The firm is currently investing through Mason Wells Buyout Fund III, a $525 million fund. Mason Wells was founded in 1982 and is based in Milwaukee (www.masonwells.com).
Debt financing was provided by members of Pacon’s existing lender group, which is led by US Bank. Quarles & Brady served as legal counsel to Pacon Corporation.
2014 PEPD • Private Equity’s Leading News Magazine • 10-16-14