Lookout Capital Announces Investment In EnviCor
Investment Is Lookout's First Since Officially Opening Its Doors Earlier This Year
Raleigh, NC—November 3, 2011:
Lookout Capital, a Raleigh, NC-based firm provider of growth capital and services, announces it has led a $850,000 preferred equity financing in EnviCor, a Smithfield, NC-based developer and manufacturer of rotational plastic molding products.EnviCor represents Lookout's first investment since the firm officially opened for business earlier this year.Harbor Island Equity Partners, a Wilmington, NC-based multi-strategy private equity investment firm, also participated in the financing.
"We are excited about having EnviCor as our first portfolio company," said Merrette Moore, Founder and Managing Partner of Lookout Capital, "EnviCor checks virtually all the boxes for what we consider to be a great investment opportunity. We look forward to working with the company."
EnviCor is a Smithfield, NC-based developer and manufacturer of rotational plastic molding products, which include such items as paddleboards, dormitory furniture, waste water containers, and baseball pitcher's mounds. The company was founded in
2006 by Steve Arnold, a 20+ year plastics-based product manufacturing veteran who currently serves as the company's CEO. Recently, the company has developed a proprietary product for more efficient waste cooking oil transfer, storage and removal in restaurants. The product, called "SmartTank", is a specially- designed plastic tank that integrates sensor, heating, pumping and wireless communications components to offer the premier waste cooking oil management solution in the market. The SmartTank has already been installed and is currently being used in over 15 national and regional restaurant chains, including Bojangles, Golden Corral, Hardee's, and Buffalo Wild Wings.
"We are thrilled to have Lookout Capital on board as an investor and partner as we look to grow our SmartTank business and introduce similar products into other verticals," commented Steve Arnold, EnviCor Founder and CEO, "Their expertise in helping companies scale their business, along with their strong network, should prove invaluable to us in both the short and long term." As a part of Lookout Capital's investment, Merrette Moore will join the EnviCor Board of Directors, serving along with Steve Arnold, EnviCor's CEO, and EnviCor's Executive Chairman, Steve Butts. Carlos Parajon, Managing Partner of Harbor Island Equity Partners and a Senior Advisor at Lookout Capital, will participate as an Observer. "I have known and have worked with both Steve and Merrette for many years," said Steve Butts. "I look forward to working with them to capitalize on the momentum that EnviCor already has in our growing SmartTank line of products as well as our custom manufacturing business."
Proceeds from the financing will be used primarily to build out EnviCor's sales and marketing capabilities, along with enhancing product features for the company's SmartTank line and related products.
"Our investment in EnviCor will truly be utilized to grow the company's revenue and increase profitability," observed Merrette Moore. "We feel that the investment and company play well into our model as a growth capital investor and partner."
About Lookout Capital:
Lookout Capital is a Raleigh, NC-based firm that provides growth and expansion capital to up-and-coming startups as well as small, successful companies,primarily in the Raleigh-Durham area and throughout North Carolina. The firm addresses a niche historically and currently underserved by the capital markets. Lookout leverages its high caliber network of investors and advisor as well as its unique investment model in establishing the premier growth capital investment management platform in North Carolina.
For More Information on Lookout Capital: Please visit www.lookoutcapital.com
For More Information on EnviCor: Please visit www.envicor.com
Investment Is Lookout's First Since Officially Opening Its Doors Earlier This Year
Raleigh, NC—November 3, 2011:
Lookout Capital, a Raleigh, NC-based firm provider of growth capital and services, announces it has led a $850,000 preferred equity financing in EnviCor, a Smithfield, NC-based developer and manufacturer of rotational plastic molding products.EnviCor represents Lookout's first investment since the firm officially opened for business earlier this year.Harbor Island Equity Partners, a Wilmington, NC-based multi-strategy private equity investment firm, also participated in the financing.
"We are excited about having EnviCor as our first portfolio company," said Merrette Moore, Founder and Managing Partner of Lookout Capital, "EnviCor checks virtually all the boxes for what we consider to be a great investment opportunity. We look forward to working with the company."
EnviCor is a Smithfield, NC-based developer and manufacturer of rotational plastic molding products, which include such items as paddleboards, dormitory furniture, waste water containers, and baseball pitcher's mounds. The company was founded in
2006 by Steve Arnold, a 20+ year plastics-based product manufacturing veteran who currently serves as the company's CEO. Recently, the company has developed a proprietary product for more efficient waste cooking oil transfer, storage and removal in restaurants. The product, called "SmartTank", is a specially- designed plastic tank that integrates sensor, heating, pumping and wireless communications components to offer the premier waste cooking oil management solution in the market. The SmartTank has already been installed and is currently being used in over 15 national and regional restaurant chains, including Bojangles, Golden Corral, Hardee's, and Buffalo Wild Wings.
"We are thrilled to have Lookout Capital on board as an investor and partner as we look to grow our SmartTank business and introduce similar products into other verticals," commented Steve Arnold, EnviCor Founder and CEO, "Their expertise in helping companies scale their business, along with their strong network, should prove invaluable to us in both the short and long term." As a part of Lookout Capital's investment, Merrette Moore will join the EnviCor Board of Directors, serving along with Steve Arnold, EnviCor's CEO, and EnviCor's Executive Chairman, Steve Butts. Carlos Parajon, Managing Partner of Harbor Island Equity Partners and a Senior Advisor at Lookout Capital, will participate as an Observer. "I have known and have worked with both Steve and Merrette for many years," said Steve Butts. "I look forward to working with them to capitalize on the momentum that EnviCor already has in our growing SmartTank line of products as well as our custom manufacturing business."
Proceeds from the financing will be used primarily to build out EnviCor's sales and marketing capabilities, along with enhancing product features for the company's SmartTank line and related products.
"Our investment in EnviCor will truly be utilized to grow the company's revenue and increase profitability," observed Merrette Moore. "We feel that the investment and company play well into our model as a growth capital investor and partner."
About Lookout Capital:
Lookout Capital is a Raleigh, NC-based firm that provides growth and expansion capital to up-and-coming startups as well as small, successful companies,primarily in the Raleigh-Durham area and throughout North Carolina. The firm addresses a niche historically and currently underserved by the capital markets. Lookout leverages its high caliber network of investors and advisor as well as its unique investment model in establishing the premier growth capital investment management platform in North Carolina.
For More Information on Lookout Capital: Please visit www.lookoutcapital.com
For More Information on EnviCor: Please visit www.envicor.com
