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Strateline Buys Sustainable Solutions

March 10, 2008

Transaction provides considerable synergies for both parties.

Meriturn Partners has sold Sustainable Solutions, Inc. (SSI) based in Wagoner, OK to Strateline Industries, a maker of nonwovens from scrap materials based in Rodgers, AR. Meriturn invested in the company in November of 2006 as part of a management buyout and reorganization of the company. Strateline was a strategic partner of SSI's and desired to vertically integrate by adding the capability to regenerate fibers from textile waste and to expand its sustainable offerings beyond nonwoven products.

Strateline has set up its nonwovens shop at a facility once owned by PGI Nonwovens in Rodgers, AR. The company is making nonwovens for wipes—through a collaboration with Rockline Industries—from recycled scrap cotton material furnished by SSI through its SmartStream process, patented technology to open up a waste stream to make it suitable for a new application.

Meriturn's Partner and Chairman of SSI, Lee Hansen said, "The transaction provides considerable synergies for both Strateline and SSI and the board felt all parties would benefit from the immediate combination but also from the future prospects. As such, we structured the transaction so the parties could take part in the combined upside."

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