AeroAggregates, Eddystone, Pennsylvania, has announced that it closed on a $24 million growth equity investment from Valterra Partners, a New York‐based private equity firm. The company says the investment will fund the expansion of its existing plant in Eddystone as well as the construction of two additional facilities in New England and the Southeast in 2020.
Founded in 2012 by Chief Executive Officer Archie Filshill, AeroAggregates is a vertically integrated manufacturer of lightweight foamed glass aggregate (FGA), which is used primarily in the infrastructure, construction and engineering industries. Aero’s products are manufactured in the United States from 100 percent postconsumer recycled glass, with each kiln saving more than 140 million glass bottles from landfill annually, the company says.
Aero’s material has been approved for road projects by several state transportation departments, following “years of rigorous testing and successful projects at the county, state and federal level,” the company says.
“Our partnership with Valterra provides Aero with a unique opportunity to accelerate its growth trajectory,” Filshill says. “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, adds, “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.”