Hoover CS gets $160M loan from Riverstone Credit Partners
Riverstone Holdings Ltd
Hoover CS, a leading provider of sustainable packaging and fleet management solutions, announced the completion of a $160 million senior secured term loan with Riverstone Credit Partners L.P., a dedicated credit investment platform focused on energy, power, decarbonisation, and infrastructure managed by Riverstone Holdings LLC.
The financing provides Hoover CS with additional liquidity to execute its growth strategy of enabling its customers to move from single-use to sustainable packaging and, in doing so, reduce greenhouse gas emissions and conserve water.
Kevin Friar, CEO of Hoover CS, said, "Riverstone Credit Partners' commitment of capital to Hoover CS shows that they see the opportunity and importance of our mission to provide sustainable, innovative solutions that give our customers good economics." “Riverstone has been a great partner to Hoover CS in the past, and this financing further aligns with our anticipated continued growth.”
Daniel Flannery, Managing Director at Riverstone, said, "Hoover CS has a proven track record of helping its customers in various end markets improve their environmental performance and the circularity of their supply chains. We are happy to work with them on their next growth phase."
Hoover CS sought a second party evaluation from Sustainable Fitch, which determined that the transaction met the five pillars of the Loan Syndications and Trading Association's Sustainability-Linked Loan Principles.
Source: Business Wire