Feversham, Ontario – July 20, 2010 – Key Principal Partners Corp. (“KPP”), a $1 billion private investment firm, announced today an investment of $15.0 million in Ice River Springs Water Co. to support a capital expenditure program and facility expansion that will allow the Company to produce recycled PET resin (“rPET”). The rPET pellets will be made entirely from post-consumer materials, which Ice River will then use in the production of its own water bottles.
Headquartered in Feversham, Ontario, Ice River Springs is a leading North American environmentally-conscious bottled water company with seven manufacturing plants located throughout Canada and the United States. The Company primarily provides spring and purified, private label bottled water to both national and regionally-focused grocery retailers, drug stores, mass merchandisers, food service partners and dollar stores.
“KPP’s investment will support our rPET manufacturing project and assist us in becoming the first bottled water company in North America to self-manufacture rPET resin and produce a bottle made from 100% recycled materials,” said Jamie Gott, President and co-founder of Ice River Springs. “Once the project is complete, we will no longer be dependent on petroleum-based virgin PET resin, which will significantly reduce Ice River’s carbon footprint and provide consumers with a more environmentally friendly bottled water option,” added Sandy Gott, Executive Vice President and co-founder. Founded in 1995, Ice River Springs has a long-standing dedication to environmental sustainability. Over the last ten years, the Company has decreased the amount of plastic in its bottles and caps by approximately 40%, making it one of the lightest weight and “greenest” bottles in North America. It also pioneered mass production of PLA bottles, made from 100% renewable plant material.
“Providing capital to assist a market leader like Ice River with this important strategic initiative represents an ideal investment for KPP,” said Leland Lewis, a Partner at KPP. “Jamie and Sandy have built an impressive organization over the last fifteen years and truly epitomize the entrepreneurial spirit. We are proud to invest in a business with such a strong focus on environmental stewardship and look forward to helping support the Company’s continued growth.”
About Key Principal Partners
Key Principal Partners (KPP) is a $1 billion private investment firm that provides expansion capital to profitable middle-market companies with at least $30 million in revenue. The firm has the flexibility to provide any combination of subordinated debt, preferred equity and/or common equity in either non-control (minority ownership) or control (majority ownership) positions. KPP can invest between $10 million and $40 million to facilitate the growth, acquisition, refinancing, deleveraging or liquidity needs of private company owners and their management teams. Affiliated with KeyCorp, KPP is headquartered in Cleveland, and has additional offices in Greenwich, and San Francisco.
Cleveland–based KeyCorp is one of the nation’s largest bank–based financial services companies, with assets of approximately $97 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit www.Key.com.