Apollo Infrastructure, a global alternative asset manager, has provided Circulus Holdings PBLLC, a producer of post-consumer resin from recycled low-density polyethylene and a portfolio company of Ara Partners, with a $300 million secured loan to support the company’s development of recycling infrastructure.
Based in Houston, Circulus uses technology to transform olefin plastics into resins for commercial and industrial applications. The company’s products look to support the economy with post-consumer resins suitable for applications such as plastic bags, shrink film, pouches and overwraps.
“We are pleased to partner with Apollo to support Circulus’ continued growth as we execute on our expansion plans,” says Craig Foster, Circulus CEO. “Apollo’s substantial resources and industry expertise will be a significant value-add as we continue to solve challenges in the path to a circular economy.”
“We are always looking for opportunities to invest behind sustainable companies working to build a cleaner economy, and this transaction is the latest example of our ability to provide innovative capital solutions alongside measurable environmental impact outcomes,” comments Geoff Strong, partner and co-head of infrastructure and natural resources at Apollo.
Citigroup acted as capital markets advisor to Circulus. White & Case LLP acted as legal counsel to Circulus. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds.