CVC Credit Partners ("CVC Credit") announced today that CVC Credit's U.S. Middle Market Private Debt business acted as Administrative Agent on a first lien senior secured debt facility provided to CarbonLITE Industries, LLC ("CarbonLITE").
The proceeds were used to refinance existing debt and support future growth.
Founded in 2011 by industry veteran, Leon Farahnik and located in Riverside, CA, CarbonLITE is a producer of FDA-approved, bottle-grade post-consumer recycled ("pcr") polyethylene terephthalate ("PET") resins. The Company operates a 220,000-square-foot bottle-to-bottle PET recycling plant that processes more than two billion plastic bottles annually. In addition, through its subsidiary, CarbonLITE Pinnpack, the Company manufactures high-quality, food-grade, thermoformed PET packaged products for the CPG industry.
Brian O'Reilly, Managing Director in CVC Credit Partners' Private Debt business, said: "CarbonLITE provides an invaluable service by recycling plastic bottles, thereby reducing carbon emissions and environmental waste. We are very happy to partner with Leon and his team and look forward to supporting the Company through its next stage of growth."
Leon Farahnik, CEO of CarbonLITE, commented: "We were very happy to work with CVC Credit on this transaction. Their capital provides us with the flexibility we need to support our growth."