Hivest Capital Partners Completes Sustana Acquisition
The private equity firm plans to scale Sustana's North American mill operations through increased capital and operational focus.
Updated on Oct. 22, 2026 in Business Strategy
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Private equity firm Hivest Capital Partners has acquired sustainable paper and packaging manufacturer Sustana. The deal introduces a new leadership team, with Kevin Richard appointed as Chief Executive Officer to guide the company's growth in North America.
Why it matters
Hivest manages over $1 billion in assets and intends to deploy capital to increase mill reliability and energy efficiency. For competitors and supply chain partners, this signals a shift toward aggressive operational scaling through targeted add-on acquisitions in the recycling sector.
Hivest Capital Partners manages over $1 billion in assets, typically targeting investments with revenue between $50 million and $500 million. Sustana, which holds an EcoVadis Gold medal, operates across the United States and Canada.
The players
Hivest Capital Partners
A private equity firm managing over $1 billion in assets with offices in France, the United States, and the United Kingdom.
Sustana
A North American manufacturer of recycled fiber and sustainable packaging that holds an EcoVadis Gold medal.
Kevin Richard
The newly appointed Chief Executive Officer tasked with overseeing Sustana's operational strategy.
The details
Hivest plans to apply an operational excellence program that focuses on mill-level metrics including safety, energy efficiency, and procurement. The firm will also provide capital for investment in the existing recovery network to expand output capacity. As part of the strategic transition, Sustana will look to integrate these enhancements across its North American manufacturing footprint.
Timeline
1882: Sustana was founded as the Rolland Paper Company.
October 19, 2026: Hivest Capital Partners completed the acquisition of Sustana.
Market Landscape
This acquisition follows a broader industry pattern of private equity firms scaling recycling infrastructure to meet rising demand for sustainable packaging. It mirrors a sector-wide focus on consolidating fragmented mill networks to drive economies of scale.
Operators in the recycled fiber space should prepare for a more aggressive competitive environment as Hivest funds new infrastructure investments. Watch for potential supply chain disruptions or pricing adjustments as the company shifts its procurement strategy under the new owners.
The takeaway
Owners should view this acquisition as a signal that the sustainable materials market is entering a phase of rapid, capital-intensive expansion. Monitor for future add-on acquisitions, as Hivest's strategy indicates an intent to consolidate regional recovery networks across North America.
Further reading
For more on how capital shifts are altering long-term sector dynamics, see Business Strategy.
Source note: This article includes information reported by PaperAge.
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