TemperPack secures $10M loan from Closed Loop Partners

Closed Loop Partners, New York City, has announced a $10 million loan to Richmond, Virginia-based packaging technology developer TemperPack Technologies Inc. The financing was deployed by Closed Loop Partners’ Catalytic Capital & Private Credit group and the organization says it will support TemperPack’s continued growth in the packaging sector.

The financing marks Closed Loop Catalytic Capital & Private Credit’s third loan to TemperPack since 2018 and says it reinforces the group’s long-term commitment to supporting private companies that reduce waste and advance circular manufacturing.

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“Deploying capital to innovative private companies such as TemperPack is an important component of Closed Loop Catalytic Capital & Private Credit’s strategy,” Closed Loop Partners says. “The group is focused on providing flexible capital to support private companies, organizations and municipalities that have developed or are developing circular economy-focused projects or products and are seeking more capital to drive net positive environmental and social outcomes.”

TemperPack develops plant-based packaging and manufacturing technologies it says help reduce waste and hard-to-recycle materials in supply chains. The company claims its latest offering, WaveKraft, allows customers to simplify their operations and optimize packaging performance with an on-site, on-demand packaging manufacturing platform.

According to Closed Loop Partners, TemperPack has demonstrated “strong growth and financial stability” over the past several years and, with near-term plans to explore different business models that require outside capital, is positioned for a follow-on loan.

“As more packaging companies transition their focus to fiber-based packaging, Closed Loop Catalytic Capital & Private Credit believes TemperPack will benefit from the shift,” Closed Loop Partners says. “This financing complements Closed Loop Catalytic Capital & Private Credit’s loans to other entities up and down the circular economy value chain, including materials recovery facilities [MRFs] and municipal residential recycling programs, to advance material circularity.”

Closed Loop Partners says proceeds of its financing will be used to support TemperPack’s research and development, manufacturing and distribution of more sustainable and easier-to-recycle fiber-based products that help shift reliance away from plastics such as expanded polystyrene foam (EPS). The organization notes that while EPS use in packaging has declined, it continues to be used in industries such as food and beverage and healthcare. The organization adds that with limited infrastructure for EPS recycling in the United States, the material typically ends up in landfills or incinerated.

“TemperPack is a prime example of the kind of company we seek to support—established, forward-thinking and focused on reducing environmental impact through scalable innovation,” says Jennifer Louie, managing director of Closed Loop Catalytic Capital & Private Credit at Closed Loop Partners. “Our continued investment in TemperPack aligns with our mission to build a circular economy, reduce waste and promote sustainable manufacturing, not just through recycling, but by reducing the need for hard-to-recycle materials in supply chains.”

TemperPack CEO Peter Wells says the company is “thrilled” to continue its partnership with Closed Loop Partners as it enters its next phase of growth.

“Closed Loop Partners’ experience in material circularity and extensive network of partners has made them a key partner for our company’s growth,” Wells says. “With this loan, we look to further scale our capacity and impact, helping reduce waste across major industries—including life sciences, food and beverage, electronics and home goods—while catalyzing the development of new circular products.”

Following this financing, Closed Loop Partners says it will continue to support TemperPack as it expands its processing capacity, improves existing facilities and pursues new product development. The organization adds that Closed Loop Catalytic Capital & Private Credit continues to “catalyze capital into circular economy infrastructure and solutions that keep a range of valuable materials in circulation.”