H.I.G. Bayside backs Amerplast with five-year unitranche facility

H.I.G. Bayside Capital Europe, the special situations affiliate of H.I.G. Capital, has arranged a new five‑year unitranche facility to refinance the capital structure of flexible‑packaging manufacturer Amerplast Group. The deal replaces the company’s legacy debt and positions the business to press ahead with sustainability and capacity investments across Europe.

Headquartered in both Finland and the United Kingdom, Amerplast Group operates five manufacturing facilities and employs roughly 470 people. The company supplies flexible packaging for food & beverage, bakery, hygiene, retail and industrial clients and has been backed by private equity firm Chiltern Capital while executing operational upgrades and new product development.

The financing package is structured as a unitranche term loan with a five‑year tenor, a format increasingly common in sponsor‑backed mid‑market transactions where speed and covenant flexibility are priorities. H.I.G. Bayside Capital Europe said the solution replaces the prior debt stack and supports the business’ next phase of organic growth and targeted capital expenditure in automation and sustainable materials.

Management at Amerplast — led by Chairman David Lennon, CEO Mark Rooney and CFO Matt Enright — has pushed investments into energy efficiency, material substitution and production automation over recent years. In a quoted comment, Matt Enright framed the refinancing as a stabilising move that gives the group headroom to deepen customer partnerships and expand technical capability across its European footprint.

Mathilde Malezieux, Managing Director at H.I.G. Bayside Capital Europe, highlighted the combination of recurring demand, a sustainability‑led product offering and disciplined commercial execution as drivers behind the transaction. The lender said the debt package is sized to support both near‑term working capital and planned capex for efficiency and eco‑friendly film technologies.

The flexible packaging segment is attracting capital because of steady end‑market exposure and the ability to iterate recyclable and lower‑carbon materials. European private credit providers have been active in this space as banks reprice risk and sponsor teams seek streamlined capital structures. Meanwhile, H.I.G. Capital — which manages around $74 billion globally — has broadened its credit capabilities through specialist affiliates such as Bayside to target resilient, cash‑generative platforms.

For Amerplast and its backer Chiltern Capital, the refinancing reduces near‑term refinancing risk and leaves management focused on margin improvement, sustainability milestones and selective capacity expansion. For the wider market, the deal underscores how private credit tactics — unitranche facilities, flexible amortisation and covenant-lite terms — are becoming standard tools for mid‑market European industrials seeking transformation capital.