Hoover CS Announces Sustainability-Linked Financing with Riverstone Credit Partners

HOUSTON–(BUSINESS WIRE)–Hoover CS announced December 1, 2022, that it has closed on a $160 million sustainability-linked senior secured term loan with Riverstone Credit Partners L.P. (“Riverstone Credit Partners”), a dedicated credit investment platform focused on energy, power, decarbonization, and infrastructure managed by Riverstone Holdings LLC (“Riverstone”).

The financing provides Hoover CS with additional liquidity to execute its growth strategy of enabling its customers to move from single use to sustainable packaging, and in doing so reduce greenhouse gas emissions and conserve water.

“Riverstone Credit Partners’ commitment of capital to Hoover CS recognizes the opportunity and importance of our mission to provide sustainable, innovative solutions that deliver attractive economics to our customers,” said Kevin Friar, CEO, Hoover CS. “Riverstone has been a great partner to Hoover CS in the past, and this financing further aligns with our anticipated continued growth.”

“Hoover CS has a demonstrated track record of helping its customers across multiple end markets improve environmental performance and the circularity of their supply chains, and we are pleased to partner with them on their next phase of growth,” said Daniel Flannery, Managing Director at Riverstone.

Hoover CS obtained a second party opinion from Sustainable Fitch that considered the transaction to be aligned with the five pillars of the Loan Syndications and Trading Association’s Sustainability-Linked Loan Principles.

About Hoover CS

Hoover CS, a First Reserve portfolio company, is paving the way for customers across the chemical, refining and general industrial-end markets to move away from single-use containers. Through its large rental fleet of reusable liquid and dry IBCs and ISO tanks, combined with integrity management and fleet management services, Hoover CS’s sustainable packaging solutions facilitate circularity across the supply chain, yielding an optimized environmental footprint through reduced plastic, water conservation, and lower greenhouse gas emissions. For more information, please visit www.hooversolutions.com.

About Riverstone

Founded in 2000, Riverstone is an investment firm focused on executing private equity and credit investments in energy, power, decarbonization and infrastructure. To date, the Firm has raised approximately $43 billion of capital, which it has deployed across its platform to over 200 portfolio companies since inception. For more information about Riverstone, please visit www.riverstonellc.com.

About First Reserve

First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has nearly 40 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 750 transactions, including platform investments and add-on acquisitions, on six continents. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Learn more at www.firstreserve.com.

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