Kartesia supports H.I.G. Capital in the acquisition of COMBI LLC via its portfolio company SIAT Group

Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce a loan facility to support H.I.G. Capital (“H.I.G.”) in the acquisition of COMBI LLC (“COMBI” or “the Company”) via its portfolio company SIAT Group (“SIAT” or ”the Group”).

As an existing lender to SIAT, Kartesia has supported H.I.G. and the Group with additional growth financing for the acquisition of the remaining 50% stake in the Company. The capital for this investment comes from Kartesia’s Senior Opportunities Funds (KSO I and KSO II).

COMBI was founded in 1985 and is based in North Canton, Ohio, USA. Since inception, the Company has developed into a leading producer of end-of-line packaging machinery from individual case erectors to fully integrated packaging lines with robotic packaging and palletizing. For more than 20 years, COMBI has been owned and operated as a 50/50 Joint Venture between 3M LLC (“3M”) and SIAT. Since then, COMBI has further expanded its business to serve as the exclusive warehouse, engineering, and logistics hub of 3M-Matic™ case sealers, as well as associated services and spare parts in North America.

SIAT is the global market leader for case taping machinery and a leading producer of wrapping machinery and strapping equipment. H.I.G. acquired SIAT in 2022 to further develop its leading position across all end-of-line packaging technologies. The acquisition of the remaining 50% of COMBI marks an important step for SIAT to both expand its product portfolio and to build out its US presence for wrapping machinery and strapping equipment. Additionally, SIAT and 3M have extended their successful business relationship by signing a new, long-term supply agreement for North America, enabling business continuity for customers.