Patriot Capital Invests in Carthage Specialty Paperboard, Inc.

Carthage is an existing portfolio company of Delta Point Capital, a Rochester, NY private equity firm. The historic Carthage paperboard mill is located on the banks of the Black River in the Adirondack North Country of New York state. The company was founded in 1904, and is proud to be the only secondary fiber mill in North America dedicated to serving a diverse range of markets from pulp-substitute specialty paperboard to industrial grade chipboards. Over 96% of Carthage’s paperboard products are made from 100% recycled products.

Carthage serves four primary end user markets: graphic art applications; cap closures for the pharmaceutical and food packaging industries; packaging for folding cartons and set-up boxes; and industrial for various other applications such as furniture, book covers, displays, and protective interior packaging. The Company is considered the North American industry leader in matboard and cap closures.

Patriot Capital co-invested with Pine Street Capital in Albany, NY to provide mezzanine capital to support DeltaPoint Capital’s recapitalization of Carthage.

Duane Morris LLP in Baltimore acted as the legal advisor on this transaction.