Middle-market investment firm Altamont Capital Partners LLC purchased The Specialized Packaging Group Inc., or SPG, for an undisclosed sum from the latter's founder.

SPG provides protective packaging products through its IVEX and Engineered Packaging divisions in North America, with facilities in the U.S., Canada and Mexico.

SPG founder Paul Gaulin is retiring as president and CEO of the company, but will continue as a minority investor and board member. Altamont senior adviser Pete Lane will become executive chairman of SPG, while Mauser Packaging Solutions CEO Mark Burgess will join as a board member. Former Transpak Inc. President Bob Lally was named president of SPG's Engineered Packaging division, while Sean Condon will keep his role as president of the IVEX division.

Monroe Capital and Churchill Asset Management provided financing for the deal.

Baird and Raymond James & Associates Inc. were financial advisers, while Ropes & Gray was legal counsel to Altamont. Raymond Chabot Grant Thornton was the financial adviser, and BCF Business Law and Morency Société d'avocats LLP were legal advisers to SPG.