Loparex Secures New Funding, Makes Key Leadership Hires in 2024 Financial Turnaround

CARY, N.C., April 2, 2024 /PRNewswire/ -- North Carolina-based Loparex, a global leader in release liner manufacturing, secured new financing, marking a significant milestone for the company, and positioning it for future growth.

The recent financing, completed in collaboration with existing lenders, has substantially bolstered the company's cash position and provided ample capital to support and expand operations over the next four years. This strategic transaction included the repayment of the company's revolver, alongside a significant injection of fresh capital to drive performance going forward.

Rich Holder, the newly hired CEO of Loparex, commented on the significance of this funding, "This financing is a testament to the confidence our lenders have in our business and its long-term outlook. With the support of our financing partners, we are well-positioned to navigate current challenges and capitalize on future opportunities."

The participation of 99% of the company's revolving credit and first lien term loan lenders underscores the strong backing of Loparex from its senior secured financing partners, further reinforcing the company's liquidity position.

In addition to the financing, Loparex's Private Equity Sponsor, Pamplona Capital Management, has made a significant capital investment in the company, emphasizing the solid business fundamentals and long-term potential of Loparex.

Holder added, "The new financing not only strengthens our liquidity profile but also enables us to execute our strategic priorities and drive sustainable growth. With this infusion of capital, we are poised to enhance our performance and solidify our position as the industry's leading global player."

Loparex made additional strategic operational changes to improve its position, including adding key members to its executive leadership team. Along with the addition of Holder, who assumed the role of Chief Executive Officer in January, Ron Lueptow joined as Chief Financial Officer earlier in March. Their extensive experience in business turnaround will be instrumental as Loparex continues to implement strategic initiatives aimed at ensuring long-term sustainability.

Sales performance during Q1 of 2024 has shown significant improvement, with results ahead of plan in revenue and volume. Loparex continues to receive new orders from customers across all global regions, with the anticipation of additional, new orders as the year progresses.

Holder affirmed, "With our new leadership team in place and operational enhancements underway, we are focused on driving operational efficiency and delivering value to our stakeholders."

Holder highlighted the recent proactive measures taken by Loparex, including debt refinancing and operational optimization, reflecting Loparex's commitment to enhancing its financial health and positioning the company for sustained growth.

"Loparex remains dedicated to delivering innovative solutions to its customers and creating long-term value for shareholders," he added.

ABOUT LOPAREX

Loparex is the world's leading developer and producer of release liners solutions, serving customers in key industries including Tapes, Building & Construction, Composites, Automotive, Electronics, Renewable Energy, Health Care, Graphics, Hygiene, Label, and Shipping & Mailing. Loparex partners with customers around the globe and enables sustainable performance through in-depth material science expertise and an industry-leading technology portfolio.

For more information, visit loparex.com.

Media contact: Amanda Loveday
[email protected]

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SOURCE Loparex