CARDONE Industries has announced a recapitalization of its current credit facilities with Citizens Bank and Brookfield Asset Management. CARDONE says the recapitalization will allow the company to continue to expand its remanufacturing and innovation capabilities, as well as bolster its geographic footprint, while further strengthening its balance sheet and overall capital position. There is no change to the company’s existing shareholder ownership structure.
CARDONE says it will continue its commitments to technology, innovation, environmental sustainability and cutting-edge hybrid manufacturing processes that deliver unparalleled value to the marketplace. Moreover, the company plans to further expand across all disciplines of design, manufacturing and aftermarket/OE services — enhancing the complete solutions CARDONE provides to its customers. The company designed the strategic moves to give customers a new way to buy and receive deliveries from CARDONE.
“We’re excited about partnering with Citizens and Brookfield on this opportunity to expand our capabilities as the leading global supplier of aftermarket solutions,” said Stan Gowisnock, CEO of CARDONE. “Recapitalization provides accelerated and sustainable growth for our valued customers, distributors, employees and stakeholders.”
Dan Fitzpatrick, president of Citizens Bank’s Mid-Atlantic Region, said, “As the primary bank leading the recapitalization, we’re ecstatic to partner with CARDONE and be able to provide a more flexible financing structure to enable it to pursue its strategic and operational objectives.”
John Pavelski, Brookfield’s managing partner, added, “CARDONE has established a strong reputation built on more than 45 years of delivering high-quality products and solutions to the automotive industry. We’re pleased to provide support in recapitalizing the business, positioning it for further growth.”
With the recapitalization, CARDONE said it will expand beyond its current footprint to meet increasing demand from other industries, continuing to position the company as the global leader in aftermarket solutions.