Hivest acquires Sustana and appoints Kevin Richard to lead its North American recycled fiber expansion

The North American recycled fiber market is undergoing a significant ownership shift. Hivest Capital Partners has finalized the acquisition of Sustana, a major producer of specialty recycled fiber and sustainable paper, taking over the asset previously held by Blackstone Tactical Opportunities since December 2021. The transaction, completed on October 19, 2026, marks a new strategic phase for the manufacturer, which operates an integrated network across the United States and Canada.

Alongside the acquisition, Hivest has appointed Kevin Richard as Chief Executive Officer. Richard, who previously served as Chief Operating Officer at Sustana, steps into the leadership role with a clear mandate to drive an ambitious growth and operational excellence agenda. His deep knowledge of the company's industrial footprint positions him to execute the new owner's strategy without a steep learning curve.

Targeted investments in mill reliability and recovery

Sustana's infrastructure includes paper and fiber mills in Lévis, Québec, and De Pere, Wisconsin, supported by eight recovery facilities across North America. The company, whose roots trace back to the Rolland Paper Company founded in 1882, specializes in processing recovered wastepaper into 100 percent-recycled fiber and premium sustainable papers.

Under Hivest's ownership, the immediate focus will shift toward optimizing these existing assets. The private equity firm has outlined an operational program targeting mill reliability, energy efficiency, raw material procurement, and safety. Furthermore, Hivest plans to back targeted capital investments across Sustana's mills and recovery network, while actively pursuing selective add-on acquisitions to consolidate its position in the North American market.

Meeting the demand for circular packaging

The acquisition aligns with broader industry trends where sustainability-focused brands are securing supply chains for premium recycled materials. Sustana's output is heavily directed toward high-growth, high-value end markets, particularly food-grade packaging and specialty papers. As consumer brands face mounting pressure to tangibly reduce their environmental impact, vertically integrated producers capable of delivering consistent, high-quality recycled fiber are becoming highly sought-after assets.

By securing Sustana, Hivest Capital Partners gains a critical foothold in the circular economy infrastructure of North America. The combination of Richard's operational expertise and Hivest's capital deployment strategy signals a period of aggressive optimization and potential expansion for the recycled fiber manufacturer in the coming years.