Circulus receives $300M investment

Circulus Holdings, a Houston-based producer of postconsumer resin (PCR) from recycled low-density polyethylene (LDPE), has received a commitment of a $300 million structured solution in the form of a senior, secured loan from New York-based Apollo to support Circulus’ recycling infrastructure development. Apollo is a high-growth, global alternative asset manager.

Circulus has been using proprietary technologies to transform olefin plastics into resins suitable for a variety of commercial and industrial applications. The company currently has two plants in Riverbank, California, and Ardmore, Oklahoma, producing PCR. The company says it plans to add a facility in Arab, Alabama, in the near-term future.

David Hudson, founder and chief strategy officer at Circulus, says the proceeds of the funding received from Apollo will be used for Circulus’ future growth and expansion.

“With a seasoned management team, first-mover advantage in the North American LDPE market, best-in-class manufacturing technology and strong industry tailwinds, Circulus is well-positioned to execute on its growth plans,” says Corinne Still, a partner at Apollo. “We look forward to leveraging our deep relationships and experience within the petrochemical industry to support the company’s continued expansion.”