Key Principal Partners Invests $15 Million in Ice River Springs
Jul 23, 2010 (Close-Up Media via COMTEX) --
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Key Principal Partners, a $1 billion private investment firm, announced an investment of $15.0 million in Ice River Springs Water to support a capital expenditure program and facility expansion that will allow the Company to produce recycled PET resin.
According to a release, 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.
Ice River Springs is a bottled water company. 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 percent 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," said Sandy Gott, Executive Vice President and co-founder.
Over the last ten years, Ice River Springs has decreased the amount of plastic in its bottles and caps by approximately 40 percent, making it one of the lightest weight and greenest bottles in North America. It also produces PLA bottles, made from 100 percent 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."
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