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Rochester, NY – January 3, 2013 – Diamond Packaging today announced that Karla Fichter acquired her sister Kirsten Werner’s share of the company in a transaction finalized on December 27, 2012. The transaction maintains the Company’s status as a certified woman-owned business and streamlines the Company’s leadership structure.
Working with its existing principal lender, M&T Bank, and Ironwood Capital, a private equity firm based in Avon, CT, the Company was able to finance the buyout of Werner. The financing package utilized an increase in its senior debt from M&T, a preferred equity investment of less than 20%, and subordinated debt from Ironwood.
Fichter assumes the positions of Chairperson of the Board and President, in addition to her current role of Chief Executive Officer with the transaction. “We are delighted to have completed this transaction before year end. I would like to thank our employees for their diligence, effort and focus on the business during the months of effort it took to overcome many complicated issues and to complete the acquisition,” said Fichter. “With our streamlined leadership structure we are looking forward to getting back to what we do best, developing and producing innovative and sustainable packaging solutions for our customers.”