Fiberstar Inc., River Falls, Wis., has completed a $10.64 million debt transaction with Associated Bank, N.A., and Spell Capital Mezzanine Partners SBIC, LP. Proceeds from the capital raised will be used to quadruple Fiberstar’s production capacity, support the market introduction of its new gelling ingredient, Citri-Gel, and as working capital to support the company’s growth.
“This financing was secured because of strong third-party validation of Fiberstar’s technologies, products, business model, strategic plan, customer validation and satisfaction, leadership model and financial performance, which are a direct result of the acumen of Fiberstar’s talented innovation, production, marketing, sales, distribution and customer support teams,” says Dale Lindquist, president and CEO.