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AmerCare & Royal Paper Products Merger

Washington, D.C., October 2016 —HCI Equity Partners is pleased to announce the merger of Royal Paper Products (the "Company") and existing portfolio company AmerCare. The merger was completed on October 18, 2016 and the new company is now known as AmerCareRoyal.

Headquartered outside of Philadelphia, Pennsylvania, Royal Paper is a leading importer and supplier of disposable products primarily for the food service, janitorial and hospitality industries. Royal Paper has developed strong, longstanding relationships with a customer base that encompasses every one of the top 20 major distributors in the U.S. The Company's geographic footprint in the Northeast is complementary to AmerCare's focus in the Southeast and Southwest. The AmerCareRoyal platform will have an increased and diversified product offering, expanded salesforce, diversified customer base, improved geographic coverage and increased shipping points, and improved manufacturing and supply chain efficiencies.

This is the second acquisition in the consolidation strategy. AmerCare acquired JRMI, a leading provider of disposable products located outside of Dallas, Texas on May 6, 2016. Together these brands create a trusted and reliable industry solution with over 120 years of experience. The combined platform will be led by an extremely experienced management team including Ty King, Jay Earley, Scott Milberg and Adam Milberg.