Fiberstar, Inc., a River Falls, Wisconsin-based global developer of innovative bio-ingredients from plant cell wall materials, completed a $10.64m debt financing.
Backers included Associated Bank, N.A. and Spell Capital Mezzanine Partners SBIC, LP.
The company intends to use the proceeds to quadruple its production capacity, support the market introduction of its new gelling ingredient, Citri-Gel™ and as working capital to support its growth.
Led by Dale Lindquist, President & CEO, Fiberstar holds an exclusive worldwide license for platform technologies which it uses to enhance the functionality of plant cell wall materials, a low-cost byproduct generated by fruit, vegetable and cereal grain processors, from which it produces all-natural, bio-based, multi-functional ingredients for global food and cosmetic manufacturers in 50 countries around the globe. Its brands include Citri-Fi®, Citri-Gel™, Imulsi-Fi™, and Hydro-Fi™.
The company operates via a global network consisting of 50 independent ingredient distributors.