Harvest Partners has acquired specialty packaging company Fortis Solutions Group from Main Post Partners.
Fortis Solutions, acquired by Main Post in December 2017, provides labeling and packaging – including pressure sensitive and shrink sleeve labels, multi-ply coupon and flexible packaging printing, extended booklet printing, folding cartons, label applicators and variable data printing – to companies active in the consumer-packaged goods sector.
Fortis has both flexographic and digital printing capabilities and operates fifteen manufacturing and sales offices across Texas, Oklahoma, Connecticut, Montana, Georgia, North Carolina, Missouri, Tennessee, Ohio, California, and Michigan. The company has more than 950 employees and is headquartered in Virginia Beach, Virginia.
The Fortis management team, led by founder and CEO John Wynne, will continue to lead the company and remain significant owners of the business alongside Harvest.
“It’s been an incredible journey with Main Post Partners and I’m very appreciative and thankful to them for their outstanding contributions,” said Mr. Wynne. “Together with our great team at Fortis, we built the ‘One Fortis’ culture and growth vision which have allowed us to differentiate ourselves in the marketplace. I’m very much looking forward to working alongside Harvest Partners as we further develop and accelerate the value-added offerings that we deliver to our customers.”
Mr. Wynne began in the label industry in 2010 with the acquisition of Virginia-based Labels Unlimited and in 2014 added to Labels Unlimited with the buy of Michigan and Tennessee-based A&M Label. In 2015, the company was acquired by Main Post and rebranded as Fortis Solutions Group. Under Main Post ownership, Fortis has completed thirteen acquisitions including the buy earlier this month of Georgia-based Quality Tape and Label.
“We thank John, his outstanding management team, and all Fortis employees for helping to build an industry leader while generating substantial shareholder value, and we wish the company continued success with Harvest Partners,” said Scott Bell, a partner at Main Post.
“We have admired Fortis’s tremendous success over the years and recognize their leadership position in the specialty packaging and labels markets,” said Michael DeFlorio, CEO and partner at Harvest, and James Mitchel, a partner at Harvest, in a released statement. “We are excited to partner with John and the Fortis management team to support the company’s organic and acquisition growth initiatives in the coming years.”
San Francisco-based Main Post makes both control and non-control investments in consumer, business services, and industrial companies with revenues of $25 million to $250 million and EBITDA of $5 million to $25 million. The firm was founded in April 2014 by managing partners Sean Honey and Jeffrey Mills, both former partners at private equity firm Weston Presidio.
New York City-based Harvest Partners invests in companies with $100 million to $3 billion of revenue and $30 million to $300 million of EBITDA. Sectors of interest include business and industrial services, consumer, healthcare, industrials and software industries.
BMO Capital Markets was the financial advisor to Fortis and Main Post.
© 2021 Private Equity Professional | October 19, 2021
