May River Capital buys food packaging company PaperTech

Private equity firm May River Capital has acquired PaperTech, a manufacturer of paperboard packaging products for the frozen food industry and foodservice markets.

Founded in 1999, PaperTech provides sustainable, dual-ovenable paperboard trays and bowls to recognised food brands and contract food packagers, as well as commercial bakeries and quick-serve restaurants.

The US company reportedly produces over 500 million trays annually, which are environmentally-friendly and made from 90% or greater renewable and sustainable materials.

Al Fotheringham, co-founder of PaperTech, says the deal will enable PaperTech to expand its production capabilities, drive commercial innovation and enhance its strategic partnerships.

Following completion of the deal, PaperTech co-founder Larry Epstein will fully retire but will remain as a shareholder. Meanwhile, Fotheringham will remain as a shareholder and will continue to serve as chief development officer.

Fotheringham said: “After extensive evaluation, we are pleased to be partnering with May River Capital, given their focus on doing the right thing every day for employees and customers.

“We value May River’s unique operational mind-set and believe its leadership team will bring meaningful expertise and resources to capitalise on PaperTech’s outstanding growth opportunities.”

No financial details of the deal have been disclosed.