Foundation Investment Partners acquires Paper Converters to strengthen us sustainable packaging platform

USA – Private equity firm Foundation Investment Partners (FIP) has acquired South Carolina–based Paper Converters through its platform company, Sustainable Packaging, expanding its footprint in paper-based packaging across the southeastern United States.

Financial terms of the transaction were not disclosed.

Founded in 2002 and headquartered in Walterboro, Paper Converters manufactures spiral-wound paper tubes, edge board, and sheeting, primarily serving the regional textile industry.

The company’s products are fully biodegradable and recyclable, positioning it to benefit from growing demand for fibre-based alternatives as manufacturers and brand owners seek to reduce reliance on plastic packaging.

As part of the deal, former owners Kline Smyly and Tanya Barnes will remain with the business to support strategic direction and continuity, as Paper Converters pursues its ambition to become a leading value-driven paper packaging supplier in the Southeast.

“We are excited to partner with FIP and Sustainable Packaging to continue the company’s growth,” says Smyly.

“There is great alignment in the cultures of the businesses, particularly in their focus on customer service and value, while striving to be a great employer.”

FIP says the acquisition will also enable closer collaboration between Paper Converters and American Spool & Packaging (Amspak), another business within its Sustainable Packaging platform.

In 2024, FIP acquired Amspak, which specializes in converting sheets and mill rolls into customized specialty packaging products.

The firms are expected to benefit from shared capabilities across complementary product categories and overlapping end markets.

Sustainable Packaging CEO David Partin highlights operational synergies as a key driver of the deal.

“We are excited to have the opportunity to develop centres of excellence in each of the facilities to drive increased value to our customers,” he says, suggesting a focus on efficiency, specialization, and customer responsiveness across the platform.

FIP Managing Member David Wood points to strong structural tailwinds for the paper tube and converted paper products segment.

“We strongly believe in the growth potential of this company,” he says.

“The paper tube industry’s core strengths, versatility, sustainability, and customization, support durable, cost-effective, and eco-friendly solutions for a wide range of end markets. Paper Converters exemplifies these strengths.”

The acquisition reflects continued private equity interest in sustainable packaging assets, particularly those serving industrial and specialty applications.

As regulatory pressure mounts on single-use plastics and sustainability commitments intensify across supply chains, fibre-based converters are increasingly seen as resilient, scalable investments with long-term growth potential.

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