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The MATLET Group LLC Announces Management Backed Recapitalization Agreement

Press release from the issuing company

Pawtucket, RI – The MATLET Group announced today it has recapitalized and refinanced its senior and mezzanine indebtedness, combined with a new $8.5 million equity investment by Preferred Packaging Partners, LLC of Providence, Rhode Island. The MATLET Group owns two manufacturing companies - Packaging Graphics, LLC in Pawtucket and Central Florida Press, LLC in Orlando - as well as NOVA Marketing Services, LLC, a direct mail, inventory management and fulfillment company in St. Louis. Nearly half of the 450 employees are based in Rhode Island.

“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 U.S. and Latin America,” said Gary Stiffler, CEO of The MATLET Group. 

“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, 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. “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,” said Mike Sweeney, Managing member of Preferred Packaging Partners.

“In buying out all existing non-management investors, we allowed these key managers the chance to own the majority of the common equity and align their interests with a flexible, patient capital provider that understands the growth plan and opportunities. The MATLET Group is a great platform to consolidate and focus on the rapid growth in digital packaging solutions. Bank of America and Seacoast were chosen to lead the debt financing aspect of the recap as they really understand the business and see the future opportunities.”


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