Century City, CA - CarbonLITE Industries, LLC, the foremost closed-loop recycler of plastic water bottles in the United States, and CarbonLITE Pinnpack, LLC, a food-grade thermoformed plastic packaging manufacturer (collectively, "CarbonLITE" or the "Company"), has obtained approximately $51,000,000 in senior secured debt from CVC Credit Partners, Comvest Credit Partners, and Texas Capital Bank, N.A., to refinance existing debt and support future growth. FocalPoint Securities, LLC ("FocalPoint") served as the financial advisor to CarbonLITE.
"Closing this transaction allowed us to streamline our balance sheet and secure valuable capital for planned growth initiatives," said Leon Farahnik, Chairman and CEO of CarbonLITE. "FocalPoint was able to run a robust process to identify the best possible capital structure for CarbonLITE. FocalPoint surpassed our expectations both from a cost of capital standpoint and in securing us a partner who will support our long-term vision and growth plans for CarbonLITE.""We are pleased to have assisted CarbonLITE in this recapitalization and in finding a long-term capital partner for the Company.
About CarbonLITE
CarbonLITE, in conjunction with its Texas Facility, which began operations in Q4 2017, is the largest "bottle-to-bottle" PET plastic water bottle recycler in the world. CarbonLITE was founded in 2011 by industry veteran Leon Farahnik, and processes more than two billion plastic bottles per year into FDA-approved, bottle-grade post-consumer recycled ("pcr") polyethylene terephthalate ("PET") resins for use in the production of new water and juice bottles. Additionally, through its subsidiary, CarbonLITE Pinnpack, which it acquired in 2016, the Company manufactures high-quality, food-grade, thermoformed PET packaging products for the produce, confectionery, and baked goods industries. For more information, please visit www.carbonliterecycling.com and www.pinnpack.com.
About FocalPoint Partners
FocalPoint is an independent investment bank specializing in mergers and acquisitions, private placements, financial restructurings and special situation transactions. With offices in Los Angeles and Chicago, the firm serves middle market clients throughout the U.S. During the past 15 years, FocalPoint has completed more than $6 billion in total transactions. For more information, please visit www.focalpointllc.com.