Conner Industries, Inc., a national lumber processor and leading
provider of integrated packaging solutions, has received a substantial growth
capital investment from Argentum and other existing investors, as well as a
group of new investors. Members of Conner’s management team, including its
Chairman, CEO and certain executives, also invested personally in the round of
financing.
Conner also announced that concurrently with the closing of the growth capital
investment, its senior lender, Wells Fargo, has renewed its $18 million line of
credit.
The capital infusion will be used for working capital, to continue to upgrade the Company’s manufacturing plants and to finance strategic acquisitions.
Having recently completed two acquisitions – Golden Triangle and Continental
Timber – Conner now has more than 500 employees and services over 1,900
customers nationwide from manufacturing plants located in 10 states, and
processes/sells more than 300 million board feet annually.
In connection with the closing, Conner also announced that one of its new investors, Mr. Hugh F. Culverhouse, a former federal prosecutor, has joined the Company as its General Counsel.
