BOSTON, Mass.--(BUSINESS WIRE)--H.I.G. Capital completed a financial recapitalization of Advanced Environmental Recycling Technologies, Inc. (AERT), providing new debt and equity capital to the Company. H.I.G. has become the Company’s largest shareholder with an ownership stake on a fully-diluted basis of approximately 80%.
AERT is based in Springdale, Arkansas and is involved in two interconnected businesses: (i) a nascent polyethylene recycling technology company and (ii) a leading manufacturer of wood composite decking products. The polyethylene recycling business has started production following a significant investment in a new Green Age recycling facility located in Watts, OK. The Company’s decking materials are sold to the retail market through the ChoiceDek® and MoistureShield® brands. The ChoiceDek® brand is exclusively sold through Lowe’s Companies, Inc.
“We believe our partnership with H.I.G. and the assistance, guidance, and strength of the H.I.G. team is a positive for AERT and our stakeholders,” said Joe Brooks, Chairman of AERT. “With H.I.G.’s expertise and backing, we will be well positioned to better serve our customers and take advantage of growth opportunities.”
Michael Phillips, a Managing Director at H.I.G. commented, “We are looking forward to partner with the senior management team of AERT. The Company has demonstrated its leadership position as a high quality producer of composite decking products for more than 20 years. We look forward to assisting AERT in continuing to grow the business and providing top quality services and products to its customers.”
H.I.G. Capital is a leading global private equity investment firm based in Miami. The firm has more than $8.5 billion of capital under management. H.I.G. specializes in providing capital to small and medium sized businesses and has offices in Atlanta, Boston, New York and San Francisco, as well as Hamburg, London and Paris in Europe. For more information please visit www.higcapital.com