TEMPLE, TX, — IntegriCo Composites Inc. announced the company has raised $9 million in its venture capital funding effort. Led by Acadia Woods, JH Whitney Investment Management, Rocky Point Ventures, Chart Venture Partners and highly respected railroad veterans, the new funding will enable the company to expand the reach of its composite railroad crossties and railroad crossings. IntegriCo’s crossties are made of 100% recycled plastic, are independently tested to last fifty years or more in track, and are competitively priced. Because IntegriCo is delivering an important alternative to the railway maintenance of way engineers, the Company is playing an increasingly important role in the billion dollar North American railroad crosstie market.
Key to this financing is the bringing on board of new executive leadership. In addition to adding 30 year railroad veterans to the board, the Company recruited Scott Mack as CEO. A Naval Academy graduate and twenty year Marine, Mr. Mack also ran a composites company that grew revenues from 0-$120M in revenues in three years. “I am excited to join IntegriCo as President and CEO because I recognize the Company is poised for massively high growth in the railway market, as well as other markets where our patented composites technology delivers durability and price advantages” stated Mack. “IntegriCo has already proven it can quickly grow its railroad product sales by amassing over 250,000 crosstie and railroad crossing sales over the last few years, with zero customer returns. The growth and the reliably strong performance of the Company’s products convinced me to come on board. I am confident that with this investment into vertically integrated recycling, automated production and marketing, we will continue to quickly and profitably grow IntegriCo.”
“JH Whitney Investment Management is thrilled to come in as an investor in IntegriCo Composites,” confirms John O’Connor, who is also joining the Board of Directors. “The Company’s environmental positioning as a green alternative to creosote treated wooden ties, with crossties that last 2-5X longer than wood, gives the product a definitive advantage in the competitive railroad tie market globally. The Company’s products are in testing and installs with almost every Class 1 Railroad in North America, and the metropolitan railroads are adopting as well. We are confident this will be a terrific investment, which is why we helped recruit a number of seasoned railroad executives to the board of the Company.”
IntegriCo Composites, Inc. is a fast growing Texas based manufacturer of composite railroad products made from recycled plastics. IntegriCo’s unique processing technology utilizes landfill-bound plastic to create products that outperform others by virtually every measure including the most important —long life in track. The Company’s website is found at: http://www.IntegriCo.com.
