Harvest Partners Completes Acquisition of Fortis Solutions Group from Main Post Partners
NEW YORK, Oct. 15, 2021
NEW YORK, Oct. 15, 2021 /PRNewswire/ -- Harvest Partners, LP ("Harvest") announced today that funds managed by Harvest, along with management, have acquired Fortis Solutions Group ("Fortis" or "the Company"), a best-in-class provider of specialty packaging solutions, from Main Post Partners, LP ("Main Post"). The Company's management team, led by founder and CEO John Wynne, will continue to lead Fortis and remain significant owners of the business alongside Harvest. Additional terms of the transaction were not disclosed.
Headquartered in Virginia Beach, VA, Fortis is a leading converter of pressure sensitive labels including multi-ply coupon and booklets, flexible packaging printing, shrink sleeves, folding cartons, and label applicators. The Company serves a blue-chip customer base across the food and beverage, health and beauty, retail, agricultural chemical, and nutraceutical end markets. Fortis has a full range of flexographic and digital printing capabilities across 15 manufacturing and sales offices across the United States.
John Wynne said, "It's been an incredible journey with Main Post Partners and I'm very appreciative and thankful to them for their outstanding contributions. Together with our great team at Fortis, we built the 'One Fortis' culture and growth vision which have allowed us to differentiate ourselves in the marketplace. I'm very much looking forward to working alongside Harvest Partners as we further develop and accelerate the value-added offerings that we deliver to our customers."
"We thank John, his outstanding management team, and all Fortis employees for helping to build an industry leader while generating substantial shareholder value, and we wish the Company continued success with Harvest Partners," said Scott Bell, Partner at Main Post Partners.
Michael DeFlorio, CEO and Partner at Harvest, and James Mitchel, Partner at Harvest, said, "We have admired Fortis's tremendous success over the years and recognize their leadership position in the specialty packaging and labels markets. We are excited to partner with John and the Fortis management team to support the Company's organic and acquisition growth initiatives in the coming years."
Fortis has completed 13 acquisitions since 2014 and is actively seeking both tuck-in and transformational acquisitions in the pressure sensitive labels, shrink sleeve, and flexible packaging markets.
BMO Capital Markets served as financial advisor and Morrison & Foerster served as legal advisor to Fortis and Main Post. Ropes & Gray LLP served as legal advisor to Harvest Partners. As part of the transaction, Michael DeFlorio, James Mitchel, and Andrew Hudelson from Harvest Partners will join John Wynne on the Board of Directors of Fortis.
About Fortis Solutions Group
At Fortis Solutions Group, we provide a differentiated approach giving our customers a powerful advantage in the marketplace through industry leading lead times, quality control, color management and solutions-oriented approaches. We deliver a breadth of product offerings utilizing our outstanding flexographic, letterpress, offset and digital printing capabilities. These offerings include pressure sensitive and shrink sleeve labels, multi-ply coupon and flexible packaging printing, extended booklet printing, pouches, folding cartons, label applicators and variable data printing. Headquartered in Virginia Beach, VA, the company also has manufacturing and sales offices in Austin, TX; Catoosa, OK; Ellington, CT; Flowery Branch, GA; High Point, NC; Kansas City, MO; Lewisville, TX; Marietta, GA; Memphis, TN; Merced, CA; Napa, CA; Orem, UT; West Chester, OH; Whitefish, MT; and Wixom, MI. Employing over 950 employees across 15 sites, Fortis intends to continue its pursuit of attractive acquisitions to further the breadth of product offerings and locations which can serve its customer base. Learn more about Fortis Solutions Group: https://fortissolutionsgroup.com/.
About Main Post Partners, LP
Main Post Partners is a private equity investment firm focused on investing in proven growth companies across the consumer value chain. Main Post Partners invests in both majority and minority positions primarily in first institutional capital situations where founders, entrepreneurs and management teams are looking for an experienced partner to help build their companies to full potential. With a "Partnership, not Ownership" approach, Main Post Partners works closely with a network of successful executives to provide operational and strategic support to its management partners. Main Post Partners was named to Inc.'s list of The 50 Best Private Equity Firms for Entrepreneurs. Learn more about Main Post Partners: https://mainpostpartners.com/.
About Harvest Partners, LP
Founded in 1981, Harvest Partners, LP is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & industrial services, consumer, healthcare, industrials and software industries. Harvest's control strategy leverages the firm's 40 years of experience in financing organic and acquisition-oriented growth. For more information, please visit www.harvestpartners.com.
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SOURCE Harvest Partners, LP