Beringea Recapitalizes Fiber By-Products Corp.

Beringea, LLC, a private equity firm, said on Wednesday that it has recapitalized Fiber By-Products Corp. No financial terms were disclosed. The funding will help FBP management pursue its goals of expansion. Based in White Pigeon, Michigan, Fiber By-Products Corp. is a producer and recycler of wood products.

PRESS RELEASE

Beringea invests in wood processor and recycler Fiber By-Products Corporation
FARMINGTON HILLS, Mich. – Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, has led a recapitalization of White Pigeon, Mich.-based Fiber By-Products Corporation (FBP), a processor, recycler, and manufacturer of wood products. Beringea’s investment will enable FBP management to pursue an expansion of the company’s footprint and operating capacity.

FBP is a leading recycler of wood waste generated from a variety of end-product markets. The company provides wood waste producers a cost-effective and environmentally-friendly solution to disposing of their waste. FBP then processes it into consumable products, including animal bedding, boiler fuel, wood mulch and premium wood pellets used to heat homes and businesses.

“Fiber By-Products is a leading manufacturer of wood pellets in the Midwest region. Given that this form of heating fuel is environmentally friendly as well as a cost efficient alternative to fossil fuels such as heating oil or propane, the market is steadily growing and the company is seeing increased demand for its product. Fiber By-Products is a Michigan clean technology company that offers consumers a truly sustainable source of fuel. We’re pleased to support them in their next phase of growth,” said David Ruby, principal at Beringea.

FBP was founded in 1992 by the late Dale D. Schrock with his wife Barbara on their family farm in Goshen, Indiana. His four sons currently manage the business; Chad Schrock, CEO of the company said “the family feels very blessed to see our father’s years of hard work and risk pay off. Furthermore, we are looking forward to our new partnership with Beringea. Their experience working with growing, small businesses is a perfect fit for us. We are excited to see how far we can take the company.”

About Fiber By-Products
Fiber By-Products Corporation is a processor, recycler, and manufacturer of wood products. Since 1991, FBP has been the link between wood waste producers and wood by-product end users. The Company provides wood waste producers an environmentally friendly and cost-effective approach to disposing their waste. Once the waste is collected, FBP recycles and processes it into consumable products, including animal bedding, boiler fuel, wood mulch and, since 2006, premium wood pellets used to heat homes and businesses. The Company manufactures and sells more than 60,000 tons of pellets annually. For more information, visit www.fiberby-products.com.

About Beringea
Beringea, LLC provides growth capital to market-leading businesses. Founded in 1988, Beringea, LLC is headquartered in Farmington Hills, Michigan. Beringea, LLC’s affiliate in London, UK is Beringea LLP. Beringea, LLC and Beringea LLP invest in portfolio companies operating in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products.

With capital, experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities and build value. For more information, visit www.beringea.com.

In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.

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