Hoffmaster Group, Inc. has purchased Paterson Pacific Parchment Company.
Specializing in print and converting paper products, the Sparks, Nev.-based Paterson is majority-owned by members of the Buckley family and a group of outside shareholders. Patterson’s offerings include such foodservice and baking industry products as napkins, placements, tissues, pan liners, etc.
“Paterson’s Nevada location increases access to the West, strengthening our national footprint,” said Rory Leyden, CEO of Hoffmaster Group in a release announcing the deal. “This partnership enables us to continue our exceptional service with expanded capabilities to our combined customer base.”
To support the acquisition, Hoffmaster secured new financing commitments and strategic capital to refinance its capital structure. Gamut Capital Management, L.P., a New York-based middle market private equity firm, led an equity investment in Hoffmaster through affiliates of its second institutional fund, Gamut Investment Fund II, L.P. Gamut will partner with existing shareholder, Wellspring Capital Management, L.P., to complete the acquisition.