Caraustar Industries sold to investment firm

Caraustar Industries, an Austell-based provider of recycled paperboard products, is now majority owned by another investment firm.

Wayzata Investment Partners completed its sale of Caraustar to an affiliate of H.I.G. Capital, the companies announced this week.

Wayzata acquired its stake in Caraustar in 2009 while the Austell company was in Chapter 11 bankruptcy court protection. The company produces tubes and cores, folding cartons, gypsum facing paper and specialty paperboard products.

“Caraustar is a market leader with a blue chip customer base, broad geographic footprint and an efficient, high quality manufacturing base,” H.I.G. principal Tenno Tsai said in a statement. “We believe there are numerous market opportunities going forward and we look forward to supporting Mike and his team in achieving continued growth.”

Caraustar says its recycling centers and mills collect more than 2 million tons of paper, paperboard and pulp each year.