Granite Creek has acquired NYP, a manufacturer and distributor of packaging materials.
NYP sources, processes, and distributes a portfolio of textile-based packaging products used in the nursery, agricultural, and industrial markets. NYP’s products include treated and plain burlap bags; wire baskets; twine, rope and strapping; cotton bags; grain and feed bags; emergency sandbags; consumer shopping bags; and polypropylene bags and rolls.
Post closing, industry executive Robert Dahl has been named as the CEO of NYP, as well as chairman of the board. Mr. Dahl was previously the chief executive officer of Propex Furnishing Solutions, a Nashville-based provider of polypropylene and polyester fabrics and sheets.
“NYP is deeply committed to its customers, employees, and other partners,” said Mr. Dahl. “With Granite Creek’s support, I look forward to working hand in hand with the NYP team to drive continued growth at the company and to maintain the highest standards of quality and service.”
NYP was founded in 1946 as New Yorker Bag and Burlap by WWII veterans Gerald LaBelle and Nelson Gudema. In 1968, the company acquired the Peters Company, a wholesale upholstery supply house, and the company’s name was changed from New Yorker Bag and Burlap to New Yorker-Peters, and then later to NYP.
Today, NYP is led by Chris and Jerry LaBelle, the sons of Gerald LaBelle, and is headquartered in Elizabeth, New Jersey, with additional facilities in Tennessee, Missouri, North Carolina, and Pennsylvania.
“Our family is proud of the long history that NYP has enjoyed and have the utmost confidence that Robert and the Granite Creek team will continue to build on the company’s legacy of integrity and excellence,” said Chris and Jerry LaBelle in a released statement.
“Chris and Jerry’s commitment to the success of NYP, its associates, and the satisfaction of its customers is a true testament to NYP’s founding principles of pride and integrity,” said Andrew Kearney, a director at Granite Creek. “We are excited to support NYP in this next phase of growth, product diversification, and expansion.”
Earlier this week, Granite Creek held a final, oversubscribed, and hard cap closing of its third investment fund, Granite Creek FlexCap III LP, with $300 million of capital. The new fund will invest from $10 million to $20 million per transaction in 15 to 20 companies that are active in business services, food and agribusiness, healthcare, and niche manufacturing and distribution. Typical investments will have revenues from $25 million to $100 million and EBITDA from $3 million to $15 million. Granite Creek investment types include senior loans, mezzanine debt and equity.
The acquisition of NYP is Fund III’s third platform and follows the buys of Salem One, a North Carolina-based provider of corporate communication services including printing, direct mail, packaging, and logistics (August 2023); and Pinstripes, an Illinois-based operator of entertainment (bowling and bocce) and dining venues for corporate events, weddings and other gatherings. Pinstripes was founded in 2007 and has 14 locations across the United States (May 2023).
Granite Creek was co-founded in 2005 by Mark Radzik, Peter Lehman, and Brian Boorstein and is headquartered in Chicago.
© 2023 Private Equity Professional | November 17, 2023
Lincoln Road has acquired Silversand Services and SLI Landscape, providers of commercial landscaping services in the Houston metropolitan area.
In March 2023, Lincoln Road acquired 
“We’re thrilled to combine three leading and highly complementary businesses focused on delivering exceptional landscaping and customer service to Texas,” said Jeff Magny, the managing partner of Lincoln Road. “These talented management teams have built best-in-class companies and have established true partnerships with a growing base of clients. We believe there are numerous market opportunities, both in new geographies and new ancillary services, and we look forward to supporting Silversand in continuing to set new standards of excellence in the commercial landscaping services space.”
L Squared has held the final closing of its fourth private equity fund with $840 million of capital. The firm’s earlier fund closed in September 2020 with $505 million of capital.
“The strong growth in our business in a somewhat more challenging economic environment is a great testament to the hard-working management teams that run our businesses. We could not do what we do without their tremendous dedication to excellence,” said Rob Healy, a co-founder and managing partner at L Squared. “All of us at L Squared owe them a debt of gratitude. We are also humbled and honored by the incredible support that we received from our investors. We plan on working very hard to ensure their capital is invested wisely in growth businesses within our areas of expertise.”
L Squared completed investing its third fund with the June 2023 acquisition of ERA Industries, an Illinois-based contract manufacturer specializing in precision machining and assemblies that are used in the aerospace, military, medical, semiconductor, and transportation industries.
Gridiron Capital has promoted Chris King, Doug Rosenstein, and Brad Skaf to managing director. Messrs. King, Rosenstein, and Skaf all joined Gridiron immediately following business school as senior associates in 2015 and 2016 and are active at the firm with new investment opportunities, due diligence, and value creation at portfolio companies.
Prior to joining Gridiron, Mr. King was an associate at Vestar Capital Partners and an analyst at Lehman Brothers and Barclays Capital. He has his undergraduate degree in finance and international business from Georgetown University and his MBA from the Wharton School at the University of Pennsylvania. Mr. King currently serves on the boards of Erie Home, GSM Outdoors, M&D Distributors, and Royal Paper.
Prior to joining Gridiron, Mr. Rosenstein was an associate at Sterling Partners and worked as an analyst at Bank of America Merrill Lynch. He has his undergraduate degree in business from Indiana University and his MBA from the University of Chicago Booth School of Business. Mr. Rosenstein currently serves on the boards of Class Valuation, Colibri Group, Esquire Deposition Solutions, Travel Nurse Across America, and Vistage Worldwide.
Prior to joining Gridiron, Mr. Skaf served as a research analyst at an equity fund, and an analyst at Lazard Freres. He has his undergraduate degree in economics and mathematics from Columbia University and his MBA from Stanford University. Mr. Skaf currently serves on the boards of AML RightSource, Cubii, Jacent Strategic Merchandising, Legacy Service Partners, and The Service Companies.
