Hoover CS, a provider of sustainable packaging and fleet management solutions, has announced that it has closed on a $160 million sustainability-linked senior secured term loan with Riverstone Credit Partners (“Riverstone Credit Partners”), a dedicated credit investment platform focused on energy, power, decarbonization, and infrastructure managed by Riverstone Holdings (“Riverstone”).
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, Hoover CS said: “Riverstone Credit Partners’ commitment of capital to Hoover CS recognizes the opportunity and importance of our mission to provide sustainable, innovative solutions that deliver attractive economics to our customers,” 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 added: “Hoover CS has a demonstrated track record of helping its customers across multiple end markets improve environmental performance and the circularity of their supply chains, and we are pleased to partner with them on their next phase of growth,”