Cardone Industries, a Philadelphia-based supplier of re-manufactured and new automotive parts, has recapitalized its credit facilities with Citizens Bank and Brookfield Principal Credit.
Terms weren’t disclosed.
Cardone said the deal will help it expand capabilities, bolster its geographic footprint, and further strengthen its balance sheet.
Brookfield Principal Credit is the private credit business of Canadian alternative assets manager Brookfield Asset Management.
CARDONE Industries Completes Successful Recapitalization
PHILADELPHIA, Oct. 22, 2018 /PRNewswire/ — CARDONE Industries, the leader in the automotive aftermarket, has announced a recapitalization of its current credit facilities with Citizens Bank and Brookfield Asset Management. The recapitalization will allow CARDONE 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.
CARDONE will continue to lead the automotive aftermarket through its commitments to technology, innovation, environmental sustainability and cutting-edge hybrid manufacturing processes that deliver unparalleled value to the marketplace. Moreover, CARDONE will further expand across all disciplines of design, manufacturing, and aftermarket/OE services—enhancing the complete solutions CARDONE provides to its customers. The aftermarket leader 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,” stated Stan Gowisnock, Chief Executive Officer 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.”
CARDONE’s automotive solutions have become the preferred option for end users who want original part quality and design at a fraction of the cost and environmental impact. With the recapitalization, CARDONE 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.
There is no change to the company’s existing shareholder ownership structure.
We are an automotive industry leader in aftermarket innovations and engineering. Three generations and four decades strong, we build new and remanufactured vehicle parts that meet or exceed O.E. designs, at a fraction of the cost. We remanufacture O.E. parts to meet the specific needs of our O.E.M. partners. Our global team supports a full spectrum of products and services, including a catalog of 46,000 sustainably-built parts. We build it better. Learn more at CARDONE.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $155.4 billion in assets as of June 30, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Brookfield Principal Credit is the corporate private credit business of Brookfield Asset Management, a leading global alternative asset manager with over $300 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges.