Weil advised Blackstone and its portfolio company Sustana Group, a leading manufacturer of premium, sustainable recycled fiber, paper and packaging products, in Sustana’s combination with Hanna Paper, one of the largest high-grade paper recycling companies in North America. The transaction closed on August 1, 2023.

"Today marks an exciting milestone for Sustana and the long-term stability of our supply chain," said Fabian de Armas, CEO of Sustana. "We are steadfast in our commitment to sustainability, and we are thrilled to welcome Hanna, a long-time leader in our industry, to the Sustana family. We look forward to growing together with Hanna and its team as we continue to deliver on our vision of a circular economy." 

With strategic acquisitions and investments, Sustana is committed to continuously investing in the stability of its supply chain and contributing to a strong future for the sustainable pulp and paper solutions industry in North America. Headquartered in Toronto, Canada, Hanna processes 300,000 tons of paper annually through its eight recovery facilities across North America. The company has approximately 200 employees and services more than 1,000 customers.

The Weil team that advised Blackstone and Sustana was led by Private Equity partner Jenna McBain. The team also included U.S. Private Equity Co-Head Christopher Machera and Private Equity associates Sam de Blecourt, Stephen Gobes, Keira Yang and Gracy Wang.