MATLET Group Reports Recapitalization Agreement
- Published: November 07, 2013
PAWTUCKET, RI | The MATLET Group, a packaging and digital solutions provider, has recapitalized and refinanced its senior and mezzanine indebtedness, combined with a new $8.5 million equity investment by Preferred Packaging Partners, Providence, RI. The MATLET Group owns two manufacturing companies: Packaging Graphics in Pawtucket and Central Florida Press, Orlando FL, as well as NOVA Marketing Services, a direct mail, inventory management and fulfillment company in St. Louis, MO.
Gary Stiffler, CEO of The MATLET Group, says, “Closing this agreement with Preferred Packaging Partners and our new lenders, Bank of America and Seacoast Capital Partners, finally gives The MATLET Group a clear runway to grow substantially. It also lets us take advantage of new opportunities in the fast growing CPG digital packaging market in the US and Latin America.”
He adds, “Here in Rhode Island, this new investment secures the employment of our 220 current employees and affords us the opportunity to expand. We have reduced leverage and achieved significant management ownership levels and funding for new capital expenditures. Considering all of the positives, this is great news for all involved.”
Preferred Packaging Partners is a newly formed sponsor of mid-market private equity opportunities in the analog and digital packaging industry. Managing member Mike Sweeney says, “Having worked with Gary Stiffler and The MATLET Group management team as an advisor since late 2008, I witnessed the resiliency of the business through the most recent recession. The collective acumen, deep industry experience, and commitment of the executive team was critical during a period where they worked under pre-recession financing arrangements.”
