AeroAggregates of North America closes on $24 million growth equity investment from Valterra Partners to fund expansion including two new facilities in New England and the Southeast
EDDYSTONE, Pennsylvania – (January 28, 2020) – AeroAggregates of North America (“Aero” or the “Company”), a manufacturer of ultra‐lightweight foamed glass aggregate (“FGA”) utilized primarily in the infrastructure, construction and geotechnical engineering industries, has closed on a $24 million growth equity investment from Valterra Partners LLC (“Valterra”), a New York‐based private equity firm. The Company has announced that the proceeds from the transaction will be used to expand its existing facility in Eddystone, Pennsylvania as well as to fund the construction of two additional facilities in New England and the Southeast.
Based in Eddystone, Pennsylvania, Aero is North America’s only vertically‐integrated manufacturer of ultra‐lightweight, closed cell FGA. Aero’s products are manufactured in the USA from 100% recycled curbside glass, with each kiln saving more than 140 million bottles from landfill annually. Founded in 2012 by CEO Archie Filshill Ph.D., Aero is a leading provider of ultra‐lightweight material to some of the largest contractors and engineering firms in the country. Aero has been approved by the Federal Highway Administration as well as by the Departments of Transportation for numerous states following years of rigorous testing and successful projects at the county, state and federal level. Aero is proud to be a growing, US‐based manufacturer, providing a world‐class product and creating manufacturing jobs in its local markets.
Archie Filshill, Chief Executive Officer at Aero commented, “Our partnership with Valterra, which has a long track record supporting founder‐led businesses, provides Aero with a unique opportunity to accelerate its growth trajectory. In the coming years, we plan to continue to build‐out our intellectual property portfolio, manufacturing operations and distribution platform as well as to expand Aero’s product offering to new industry verticals where we believe foamed glass has unique and innovative applications. We are looking forward to opening our new facilities in New England and the Southeast over the next 12 months, allowing us to service a broader set of customers and end markets.”
Scott Macintosh, a Managing Partner at Valterra added, “Archie and the outstanding team at Aero have done an exceptional job building their customer relationships and proprietary production process. With this investment, we hope to continue the Company’s growth trajectory and to firmly establish Aero as the premier provider of FGA in North America. We have developed an excellent partnership with the Aero team and are looking forward to working together to expand the Company’s footprint across North America and beyond.”
ABOUT AEROAGGREGATES OF NORTH AMERICA
Based in Eddystone, Pennsylvania, AeroAggregates of North America is a vertically‐integrated manufacturer of ultra‐lightweight, closed cell foamed glass aggregate (“FGA”) used in the construction and geotechnical engineering industries. Its products, manufactured out of 100% recycled curbside glass, provide a low‐cost and sustainable solution for lightweight construction amidst increasingly stringent design and constructability requirements. Today’s civil engineering challenges include construction on soft soils, lateral load reduction for retaining walls and structures, insulating subgrade and backfill and the protection of underground utilities. Aero’s products provide an answer to these challenges and more by supplying an ultra‐lightweight material that is insulating, free‐draining, nonabsorbent, non‐combustible, and resistant to chemicals, rot and acid. For more information, please visit www.aeroaggregates.com.