CARDONE Industries has completed 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.
“We’re excited about partnering with Citizens and Brookfield on this opportunity to expand our capabilities as the leading global supplier of aftermarket solutions,” said Stan Gowisnock, CEO of CARDONE.
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
John Pavelski, Brookfield’s Managing Partner, added, “CARDONE has established a strong reputation built on more than 45 years of delivering high-quality products and solutions to the automotive industry. We’re pleased to provide support in recapitalizing the business, positioning it for further growth.”
CARDONE remanufactures O.E. parts to meet the specific needs of its O.E.M. partners.
Brookfield Principal Credit is the corporate private credit business of Brookfield Asset Management.
