H.I.G. Capital of Miami purchased Cascades Fine Papers Group, owned by Cascades Inc. The resulting company, which includes investment from the current management team, is to be re-named Rolland Enterprises, resembling a prior identity for the historic paper maker headquartered in Saint-Jérôme, Quebec.
Rolland’s facilities include the paper mill and converting centre in Saint-Jérôme, as well as a deinking plant in Breakeyville, Quebec.
Based on the existing market focus of Cascades Fine Papers Group (CFPG), the new Rolland entity takes on the production of fine papers using recycled fibers, which are noted for holding amongst the highest environmental standards in the paper industry. This includes papers with up to 100 percent post-consumer waste content for customers in commercial, B2B, government and education segments. CFPG also holds a historic position in the production of security papers, including papers used in passports, visas, tax stamps and cheques.
“The company is the industry leader with a long track record of producing innovative, high-quality products and the highest level of environmental sustainability,” stated Ricky Stokes, Managing Director of H.I.G. Capital. “We are pleased to support the team in their growth and continued success.”
While much of the current CFPG leadership remains intact, Philip Rundle joins the executive team as CEO to focus on the sales and marketing efforts. Rundle’s experience in the pulp and paper industry includes roles as CEO of North American Operations for Mercury Paper/Oasis Brands, as well as Vice-President of North America & Europe Brand Development at Kimberly Clark. He most recently served as CEO of Green Innovations Ltd in Washington, since April 2013.
Key executives staying on with Rolland include Pierre Guay, Richard Laramée and Marc Charbonneau, who continue to be responsible for their respective facilities. Normand Champagne will be Vice President of Sales and Marketing and Guy Beaudin Vice-President of Administration.
“This transaction provides stability and growth opportunities for all Rolland employees, customers and suppliers,” stated Daniel Parrot, President and COO of Rolland Enterprises. “We are excited about the future of the business and the partnership with H.I.G.”
H.I.G. is a global private equity investment firm with more than $15 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing capital to small- and medium-sized companies.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion.