Hivest Capital Partners completes Sustana buyout from Blackstone
Private equity firm Hivest Capital Partners completed its acquisition of Sustana from Blackstone Tactical Opportunities on 19 October 2026; financial terms were not disclosed. Sustana makes specialty recycled fibre and sustainable paper at mills in Lévis, Québec, and De Pere, Wisconsin, supplied by eight recovery facilities. Hivest has named Kevin Richard, previously chief operating officer, as chief executive and plans targeted mill investment and selective add-on acquisitions in North America.
Why this mattersPrivate equity ownership and a stated buy-and-build mandate point to further consolidation in North American recycled fibre and sustainable paper.
- Hivest completed the acquisition on 19 October 2026 from Blackstone Tactical Opportunities, owner since December 2021.
- Financial terms were not disclosed.
- Kevin Richard, previously Sustana's chief operating officer, is appointed chief executive.
- Sustana operates mills in Lévis, Québec, and De Pere, Wisconsin, plus eight recovery facilities in North America.
- Hivest plans an operational programme covering safety, mill reliability, energy, raw material efficiency and procurement, with targeted investment in mills and recovery network.
- Hivest intends selective add-on acquisitions in North America.
- Sustana traces its origins to the Rolland Paper Company, founded in 1882.