Fine paper merchant Central Lewmar LP and paper consultants to the DM industry Strategic Paper Group LLC were acquired by private equity investors 5Star Acquisition Corp. and Chrysalis Capital Partners LP.
The new company will be named Central Lewmar LLC and be based in Newark, NJ. It will have $800 million in combined revenue, making it one of the largest privately owned distributors of commercial writing and printing papers in the United States.
The new company already announced its intent to proceed with a $2 million investment into its Newark automated distribution center.
Leslie F. Stern, 5Star's principal, will be president/CEO of the new company. Several members of existing management will continue in their roles, including Central Lewmar executives David Berkowitz, Donald Berkowitz, Jeffrey Ostroff and Ken Englander. Donald Heller and Al Gralnick will continue to lead the Strategic Paper Group team.