Caraustar completes deal for Newark Group

Austell, Georgia-based Caraustar Industries Inc., a portfolio company of the investment group H.I.G. Capital, has completed the acquisition of The Newark Group Inc.

Caraustar is a manufacturer of 100 percent recycled paperboard and converted paperboard products. The company serves four principal recycled boxboard product end-use segments: tubes and cores; folding cartons; gypsum facing paper and specialty paperboard products.

The Newark Group, based in Cranford, New Jersey, manufactures recycled paperboard, linerboard, industrial tubes, cores and other converted products including book covers and packaging. The company operates more than 20 manufacturing facilities in North America.

“We are excited to add The Newark Group to our company,” says Caraustar President and CEO Michael Patton. “The combination of these two companies offers a compelling platform for future growth and will make us more competitive in the end use customer segments we serve.”

“We are pleased to support Michael Patton and his team as they continue building a best-in-class, integrated manufacturer of recycled paperboard and related products,” says Tenno Tsai, a managing director of H.I.G. “We look forward to working with them to integrate Newark into Caraustar and continuing [the] pursuit of our growth plan.”