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