HZO has closed on $70 million in new financing, comprised of $40 million of series IV preferred stock and $30 million of new credit facilities provided by Cathay Bank for capital equipment and working capital.
The proceeds will help fast track market and market segment expansion, research and development investments, and next generation coating applications, building on the triple-digit growth the company experienced each of the last two years.
“HZO provides an essential solution to manufacturers looking to meet consumer expectations and commercial demands for waterproof coating solutions,” said Nelson C. Chan, executive chairman, HZO. “Since 2011, the company has built an extensive patent portfolio of over 350 proprietary assets and has a successful track record serving Fortune 100 organizations, all of which underpins the latest financing and speaks to the extraordinary opportunities that lie ahead for the business.”
The most recent financing brings the total capital raised by HZO to $225 million and supports HZO’s expanding global footprint – 12 worldwide factories and a contracted workforce that will exceed 2,000 this year. The company is planning to relocate its headquarters to Raleigh, NC, providing it with greater access to top technical talent and university partnerships.
