The Newark Group Inc., a recycled materials manufacturer headquartered in Cranford, has entered into an agreement to be acquired by Caraustar Industries Inc., a portfolio company of H.I.G. Middle Market.
The Newark Group currently has 1,500 employees and operates more than 20 manufacturing facilities in the U.S. and Canada.
"The acquisition of The Newark Group is a major milestone in our growth journey," Michael Patton, CEO of Caraustar, said in a news release. "Bringing together the strengths of our respective companies will dramatically expand our manufacturing and distribution capabilities to better serve our growing customer base. We look forward to working with The Newark Group employees, partners and customers."
Tenno Tsai, managing director at H.I.G. Capital, said: "The combination of these highly respected companies will significantly build upon our investment in the recycled paperboard industry. We are impressed with the capabilities of The Newark Group and look forward to supporting Mike and his leadership team as they integrate the businesses."
Financial terms of the acquisition were not disclosed.
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