M2S Group Surpasses $1 Billion in Annual Revenue with Acquisition of Heartland Label Printers

Rosemont, Illinois - August 11, 2026 (NUVEX WIRE) - M2S Group (“M2S”), a portfolio company of Wynnchurch Capital, L.P. (“Wynnchurch”), announced today that its Iconex business has acquired Heartland Label Printers (“Heartland”), a North American manufacturer of direct thermal, thermal transfer, linerless, and specialty variable information labels. The acquisition expands Iconex’s manufacturing footprint, enhances its production capabilities, and further strengthens its position in the variable information label market, and increases M2S Group’s annual revenue to more than $1 billion.

Headquartered in Little Chute, Wisconsin, Heartland manufactures stock and custom-printed direct thermal, thermal transfer, linerless, and specialty variable information labels. The company employs more than 170 team members and operates manufacturing facilities in Wisconsin and California.

The acquisition expands Iconex’s manufacturing presence across the Midwest and West Coast, while increasing production capacity to support continued growth.

“We are excited to welcome the Heartland Label Printers team to M2S Group and Iconex. This acquisition aligns with our material science focus, expands our variable information label capabilities, and brings together two organizations with a shared commitment to valued customer partnerships,” said Paul Charapata, Chief Executive Officer of M2S Group.

The combination brings together two highly complementary businesses with shared customer-focused cultures and deep expertise in variable information labels. Heartland’s manufacturing footprint, product portfolio, and longstanding customer relationships enhance Iconex’s ability to better serve customers across North America while creating new opportunities for growth and innovation.

“Heartland is an excellent addition to the M2S platform,” said Greg Gleason, Managing Partner at Wynnchurch. “The company has built an outstanding reputation for quality, service, and operational excellence. Together with Iconex, we believe the combined platform is well-positioned to deliver enhanced capabilities for customers while accelerating its long-term growth strategy.”

“This acquisition reflects our commitment to building leading businesses through strategic acquisitions,” added Kevin Hanley, Principal at Wynnchurch. “Heartland complements Iconex exceptionally well, and we look forward to supporting Paul and the M2S team as they integrate Heartland and continue to expand the platform.”

Wynnchurch established the M2S Group platform through the acquisitions of Appvion, Nekoosa, and Decorative Films. Today, M2S Group is a leading provider of material science and high-performance solutions, serving customers through its Iconex, Decorative Films, Appvion, and Nekoosa businesses. The addition of Heartland marks M2S Group’s 11th acquisition and increases annual revenue to more than $1 billion, representing another important milestone in the continued growth and strategic expansion of the M2S platform.

Baird Business Owner Solutions is acting as financial advisor to Heartland Label Printers.

About Heartland Label Printers

Founded in 1990, Heartland Label Printers manufactures stock and custom-printed direct thermal and thermal transfer labels. The company operates manufacturing facilities in Little Chute, Wisconsin, and Rancho Cucamonga, California, enabling it to efficiently serve customers across North America. Heartland supplies a diverse customer base through direct relationships and distribution partners throughout the United States, Canada, and the Caribbean. For more information, please visit hrtlp.com.

About Iconex

Iconex, an M2S Group company headquartered in Morristown, Tennessee, provides variable information solutions that support business processes, productivity, customer satisfaction and sustainability. Its label solutions serve customers across the food and beverage, retail, quick-service restaurant, grocery, pharmacy, distribution, manufacturing and logistics markets. For more information, please visit iconex.com.

About M2S Group

M2S Group is a North American-headquartered provider of material science and high-performance solutions. Through Iconex, Decorative Films, Appvion, and Nekoosa, the company offers products including variable information labels, functional and aesthetic window films, direct thermal paper and films, and specialty print media. M2S Group employs more than 1,300 team members globally. For more information, please visit m2sgroup.com.

About Wynnchurch Capital

Wynnchurch Capital, L.P. is a leading private equity investment firm that has been investing in industrial businesses for more than 25 years. Wynnchurch is currently investing out of its sixth private equity fund and manages approximately $9.1 billion of assets under management. The firm’s strategy is to partner with companies that possess the potential for substantial growth and profit improvement. Wynnchurch specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recent exits include the pending sale of FloWorks to Ferguson Enterprises Inc. (NYSE: FERG) in a transaction valued at approximately $1.6 billion and sale of Labrie Environmental Group to Hiab Corporation (Nasdaq Helsinki: HIAB) in a transaction valued at approximately $1.035 billion. Recent investments include MSHS Pacific Power Group, Sterno, NABRICO Marine Products, Charter Industries, and Astro Shapes. For more information, please visit wynnchurch.com or follow Wynnchurch Capital on LinkedIn.