MATLET Group Refinances, Reaps $8.5M Equity Infusion
PAWTUCKET, RI—The MATLET Group has recapitalized and refinanced its senior and mezzanine indebtedness, combined with a new $8.5 million equity investment by Preferred Packaging Partners of Providence, RI.
The MATLET Group owns two manufacturing companies—Packaging Graphics in Pawtucket and Central Florida Press in Orlando—as well as NOVA Marketing Services, a direct mail, inventory management and fulfillment company in St. Louis. Nearly half of the 450 employees are based in Rhode Island.
“Closing this agreement with Preferred Packaging Partners and our new lenders, Bank of America and Seacoast Capital Partners, finally gives The MATLET Group a clear runway to grow substantially,” said Gary Stiffler, CEO of The MATLET Group. “It also lets us take advantage of new opportunities in the fast growing CPG digital packaging market in the United States and Latin America. Here in Rhode Island, this new investment secures the employment of our 220 current employees and affords us the opportunity to expand.
"We have reduced leverage, achieved significant management ownership levels, and funding for new capital expenditures. Considering all of the positives, this is great news for all involved.”