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August 24, 2026
LITTLE CHUTE – Iconex – an M2S Group company – is expanding its Northeast Wisconsin footprint with the acquisition of Little Chute-based Heartland Label Printers, adding about 170 employees and a broader range of variable-information label products to its operations.
Founded in 1990, M2S Group CEO Paul Charapata said Heartland has built a reputation for quality, service and reliability, producing direct thermal, thermal transfer, linerless and specialty variable-information labels.
The company, he said, serves customers throughout the United States, Canada and the Caribbean through direct relationships and distribution partners.
Charapata said Heartland’s approximately 170 employees will continue operations from its locations in Little Chute and Rancho Cucamonga, California.
The acquisition by Iconex was completed in early August, Charapata said, marking M2S’s 11th acquisition.
He said the deal expands Iconex’s manufacturing capabilities and capacity while creating new growth opportunities for customers and team members.
“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,” he said.
Charapata said the acquisition also advances Iconex’s goal of becoming the world’s leading variable-information label solutions provider.
He said the company will operate under the name Heartland Label Printers, a division of Iconex.
A ‘natural geographic’ fit
Though Iconex has seven locations worldwide – two in Europe and five in the U.S. – Charapata said before the acquisition, it did not have facilities in the Midwest or on the West Coast.
Because the label industry is highly service-oriented – with customers often located within a three- to five-state range of a facility – he said Heartland’s locations in Little Chute and Rancho Cucamonga, California, made it a natural geographic fit.
“With this acquisition, we expand our leadership in the variable information label space,” he said. “We added geography of facilities so we can better service customers on a national scale. And we are now aligned to some additional end-markets because Heartland has a big position in the industrial distribution space, as well as having large relationships in the grocery space.”
Charapata said the acquisition also opens opportunities in new markets, as M2S Group looks to strengthen its position across the industries in which it operates.
“We’re leaders in five product spaces in particular,” he said. “This was one where we didn’t have a leadership position. We want to continue to move up and become leaders in this space. In order to do that, Heartland had a concentration in variable information labels that was very attractive to us. The footprint of the organization fit well within what we’re doing, and the capabilities and end markets served were complementary to our business.”
Though he expects Heartland to evolve under the new ownership, Charapata said he does not anticipate changes that would involve downsizing or cost-cutting measures.
“As market leaders, embracing change is essential to sustaining our leadership,” he said. “So, yes, there will be changes to support our ongoing growth and success. [However], we do not make changes in the form of cost-cutting or downsizing. Those are short-term moves that do not build long-term value. We partnered with Heartland to invest in and grow our team and, in turn, invest in and grow the business as industry leaders.”
Charapata said M2S Group’s growth strategy will focus on building a footprint that effectively serves customers while adding capabilities and capacity that make sense for the broader organization.
“I wouldn’t say it’s geography-focused – however, I can say the Midwest, in particular, is a really good center of gravity to build around,” he said. “So, we’ll continue to have this be our focus, and then, as opportunities do come up on a global scale, we’ll continue to grow in that way.”
The goal, Charapata said, is to pair a national footprint with local service, while giving employees opportunities to take on broader roles as the company grows.
“So, we’ll offer a national footprint with local service – that’s the way we like to think about it,” he said. “One of the really cool things we offer is that diversity of locations and a growing business has just so many opportunities for people to spread their wings, see the world and add value on a broader scale. That’s a cool thing that we’ve done here at M2S Group, for sure.”
What they do, how they do it
Charapata said M2S Group companies are built on people – team members, not employees.
So, during the due diligence process, he said the company assessed whether Heartland’s approach to its people aligned with M2S Group’s.
“Our culture is based on four things: safety first, growth-focused, be authentic and win together,” he said. “As we [looked at Heartland’s core values], we found a lot of complementary alignment, and their reputation is strong.”
Charapata said Heartland’s approach to growth and customer service closely mirrors the culture M2S Group has built across its companies.
“There’s definitely a focus on growth, and there’s a focus on taking care of customers – that’s been a very consistent, solid alignment to who we want to be and it also accelerates, preserves and embraces the culture that we have as a company,” he said. “That’s the first most important thing we look at. Then we look at if something makes sense strategically and how it helps us.”
Charapata – who was born and raised in Wisconsin – said he believes the state’s business community carries a strong reputation beyond its borders.
“M2S Group is based right in Appleton,” he said. “We’re very much about culture, and we love the Midwest. M2S Group has more than 600 team members in Wisconsin. I think there is something special about Midwest businesses, just because, again, the culture, the focus that we put into things [and] the fact that we do what we say – those things really help carry [companies] forward.”
About M2S Group
Formed three years ago, Charapata said M2S Group brings together several businesses, including Iconex, Decorative Films, Appvion, Nekoosa and, now, Heartland.
He said the companies produce a wide range of materials and products, including variable-information labels, window films, direct thermal paper and films and specialty print media.
Charapata said the M2S Group name was chosen to reflect the company’s growing collection of businesses and avoid tying the broader organization to any one of its individual brands.
“Because of the add-on acquisitions, it didn’t make sense to say we’re Appvion or Nekoosa or Decorative Films or Iconex or Heartland,” he said. “So, we came up with M2S Group, which stands for Materials, Science and Solutions Group.”
Charapata said M2S Group has grown from 85 team members at its founding to about 1,500 employees across 17 locations worldwide.
He said the company also recently surpassed $1 billion in revenue.
Charapata said that growth extends beyond the company itself, with M2S Group’s communities also benefiting as the organization expands.
“I think communities benefit from strong companies, and companies that are willing to support and be a part of the community is a big aspect of that, too,” he said. “It’s important that we’re committed to this area – we have a bit of a unique situation because the corporate headquarters is here.”
Charapata said the Heartland acquisition gives the company its first printer-converter facility there, with plans to continue investing in and growing the operation.
“We’re committed to growing it and seeing it be successful,” he said. “We want our growth track to continue.”
Charapata said the company’s “2X” vision reflects its goal of pairing strong teams with significant growth.
“In other words, we’re trying to double our company,” he said. “As we do that, being based here, in this area, this community in Wisconsin, will continue to be a big part of that.”
Charapata said he recognizes that growth can often be influenced by broader industry conditions and how the market responds to changing factors.
“The pace of play keeps accelerating within the industry, but part of that is there is a lot of consolidation going on within the industry,” he said. “Despite that, I still think partnerships and relationships prevail.”
Despite being hundreds of years old, Charapata said the industry remains rooted in relationships, partnerships and the importance of keeping one’s word.
“I do think that does shine through, regardless of the cadence, pace of play and consolidation that’s occurring,” he said. “It’s still a wonderful industry, and while much has changed, that one thing continues to ring through is great relationships – and great partnerships prevail.”
For more, visit hrtlp.com and m2sgroup.com.
