New Water Capital Affiliate Completes Acquisitions of Norwood Paper and BulkSak

Recent Acquisitions to Combine with Previously Acquired Bulk Lift and Bagwell to Create Diversified Transportation Packaging Solutions Platform

BOCA RATON, Fla., August 02, 2023--(BUSINESS WIRE)--New Water Capital ("New Water"), an operationally-focused lower middle market private equity firm, today announced that it has completed the acquisitions of Norwood Paper Inc. ("Norwood") and BulkSak International ("BSI"). The acquisitions become a part of New Water’s broader transportation packaging solutions platform which will now be the largest provider of specialty FIBCs and related packaging in North America. Terms of the private transactions were not disclosed.

Norwood, headquartered in Chicago, IL, produces high quality, non-box related branded liners, skid sheets and other flat sheets for customers ranging from small businesses to Fortune 500 companies. Based in Chicago, Norwood is a second-generation, family-run business established in 1972 and possesses an extensive understanding of the manufacturing industry’s packaging needs.

BulkSak, headquartered in Gastonia, NC with a manufacturing facility in Malvern, AR, is a manufacturer and distributor of packaging products including FIBCs, specialty small bags, liners, dunnage bags, reusable plastic transportation pallets and other polypropylene-based products. Founded in 2007 and primarily serving the chemical and food industries, BulkSak’s broad range of product expertise allows the company to meet exacting customer needs.

"The additions of Norwood’s complementary products and BulkSak’s long standing reputation as a premier provider of transportation packaging solutions makes the collective platform an even more valued partner to our customer base. These businesses, along with BulkLift and Bagwell, will be able to streamline procurement for our customers, while also improving quality, service, and product expertise" said New Water Capital Principal Matt Carlos. "Both Norwood and BulkSak are exceptional brands operating for decades and have rightly earned their reputation as industry leaders."

"These two acquisitions are a significant value-add for our customers as we continue to enhance our offerings of FIBCs and related packaging product solutions," said Tony Famiano, CEO of Bulk Lift. "Since New Water’s investment we’ve made great strides in that direction, growing our product line, establishing diversified supply chain solutions and developing a deeper pool of technical expertise."

These are the third and fourth add-on acquisitions for the transportation packaging solutions platform. Shortly following New Water’s acquisition of Bulk Lift in November of 2022, the firm acquired Bagwell Supply Ltd., a Canadian provider of FIBCs, small industrial bags and complementary packaging solutions, with facilities in Richmond, British Columbia, and Mississauga, Ontario.

About New Water Capital L.P.

New Water Capital L.P. is a private equity firm focused on lower-middle market companies in the consumer products and industrial manufacturing and services sectors with revenues of $30 million to $300 million. New Water Capital's collaborative transaction and operating model is built specifically to support companies in transition, building on their unique cultures and strengths. For more information, please visit www.newwatercap.com.

About Bulk Lift and Bagwell

Bulk Lift is a designer, producer and provider of flexible intermediate bulk containers (FIBCs) and complementary bulk packaging solutions, headquartered in St. Charles, Illinois, with manufacturing capacity across Mexico. Since 1978, Bulk Lift has established a reputation for top quality and flexibility, using deep technical expertise to develop custom products designed to help reduce our customers' total packaging costs.

Bagwell, also a designer and provider of FIBCs, operates out of two locations in Richmond, British Columbia, and Mississauga, Ontario.

For more information, please visit www.Bulklift.com. For inquiries about FIBC solutions, please visit our website or call us at (847) 428-6059.

About Norwood Paper, Inc.

Norwood Paper Inc. is one of the largest producers of non-box related packaging products such as skid liners, dust covers, tier sheets and divider sheets. Since 1972, Norwood has met the needs of our customers, providing them with a superior product, personalized service, and competitive pricing. We have many reliable sources for board in addition to our large inventory of standard sizes which allows us to provide consistent, high quality products. For inquiries about skid liners or other non-box board packaging solutions, please visit us at www.NorwoodPaper.com or call us at (773) 788-1508.

About BulkSak International

BulkSak International provides FIBC and complementary transportation packaging solutions. BulkSak, acquired by a subsidiary of New Water Capital in July 2023, is formerly a spart of Sonoco (NYSE: SON). Headquartered in Gastonia, NC with a manufacturing facility in Malvern, AR, BulkSak has served its customers under the BulkSak® brand for decades, offering FIBCs and related packaging capabilities, including expanded ready-made inventories, UN-certified bags, AIB participant food quality bags, dunnage bags, BOPP bags, bale bags, wrap and sheets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802028546/en/

Contacts

Media Trevor [email protected] 646-502-3532