Barings (one of the world’s leading investment managers) announced it had provided a second lien debt and equity co-investment to support Mill City Capital’s recapitalization of Diversified Packaging Holdings. Based in Blaine, Minnesota, Diversified Packaging provides pre-press products and services to the packaging industry, serving commercial printing companies, corrugate packaging companies, and various other customers across the upper Midwest U.S.
This deal expands Barings’ $32.78 billion Global Private Finance platform, which utilizes a deep bench of more than 80 investment professionals and a 30-year track record of providing financing solutions to sponsors while generating attractive risk-adjusted returns for investors.
Barings is a $406+ billion global asset management firm that partners with institutional, insurance, and intermediary clients and supports leading businesses with flexible financing solutions. And the firm (a subsidiary of MassMutual) seeks to deliver excess returns by utilizing its global scale and capabilities across public and private markets in fixed income, real assets, and capital solutions.
KEY QUOTES:
“Barings is excited to partner with Mill City Capital and their portfolio company Diversified Packaging as the sole provider of senior secured term debt for the deal. Diversified Packaging is an attractive investment opportunity due to its strong customer relationships, favorable industry tailwinds, and differentiated, value-add service offerings.”
– Steve Jarvis, Managing Director in Barings’ Global Private Finance Group
“We are grateful to have secured financing from Barings to support Diversified Packaging’s future growth initiatives and look forward to embarking on this next stage of growth. We believe the Company is uniquely differentiated and well-positioned to continue expanding its customer relationships, product and service offerings, and geographic presence.”
– Zander Rutlin, Partner at Mill City Capital
