PHILADELPHIA, Oct. 22, 2018 — 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
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.
Earlier in The Brake Report: