Kruger Family Industries Secures Strategic Refinancing Deal

Another successful transaction for Livingstone’s Debt Advisory team
  • Nov 2023
  • Industrial
  • Debt Advisory
  • US
  • REFINANCING

Livingstone’s Debt Advisory team is pleased to announce the successful refinancing of Kruger Family Industries (“KFI” or the “Company”) by PNC Business Credit. The transaction closed in November 2023; terms were not disclosed.

Headquartered in Portage, Wisconsin, KFI is North America’s largest manufacturer of heavy gauge thermoformed plastic products. Through four manufacturing facilities in the U.S. and Mexico, the Company manufactures custom-designed, heavy gauge thermoformed material handling products and automotive components used primarily for electric vehicles, traditional automotive OEM, distribution, government, and industrial end markets. The Company’s differentiated engineering capability has made it a trusted supplier to a diverse customer base that requires products to meet exact standards.

Livingstone was engaged to conduct a process to refinance the Company’s existing senior debt facility, consisting of a term loan and asset-based revolver. “After navigating complex potential financing options, PNC emerged as the optimal choice. Livingstone’s dedication and skill in identifying a partner that aligned with our specifications led to a great outcome for our business,” said David Kruger, President of KFI.

“The new facility provides the Company with a more supportive and cooperative lending partner as KFI enters its next growth phase with strong momentum behind them,” added Tom Lesch, Partner at Livingstone. “We couldn’t be more thrilled with the outcome.”

“We have worked with the Kruger family for the past nine years and are incredibly proud of their success over that time. KFI is an industry leader in the material handling space, and we look forward to exploring other growth opportunities with David Kruger and the team over the coming years. This multi-faceted transaction again exemplifies Livingstone’s steadfast commitment to our valued clients,” added Joe Greenwood, Partner at Livingstone.

This is Livingstone’s fifth Debt Advisory deal this year, including the successful transactions of Bravo Sports, SHS Capital, and neoplas med GmbH.


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  • WE ARE Unrelenting Advocates

    We know our trade - and don't just sell figures. We develop a convincing story for your sale, which brings together all the essential aspects into a coherent overall picture.

  • WE ARE Unrelenting Advocates

    We know our trade - and don't just sell figures. We develop a convincing story for your sale, which brings together all the essential aspects into a coherent overall picture.

  • WE ARE Unrelenting Advocates

    We know our trade - and don't just sell figures. We develop a convincing story for your sale, which brings together all the essential aspects into a coherent overall picture.
  • "After navigating complex potential financing options, PNC emerged as the optimal choice. Livingstone’s dedication and skill in identifying a partner that aligned with our specifications led to a great outcome for our business."
    David Kruger, President, KFI
  • Joseph Greenwood
    Joseph Greenwood

    Partner Chicago

    "We have worked with the Kruger family for the past nine years and are incredibly proud of their success over that time. KFI is an industry leader in the material handling space, and we look forward to exploring other growth opportunities with David Kruger and the team over the coming years. This multi-faceted transaction again exemplifies Livingstone’s steadfast commitment to our valued clients."
  • Tom Lesch
    Tom Lesch

    Partner Chicago

    "The new facility provides the Company with a more supportive and cooperative lending partner as KFI enters its next growth phase with strong momentum behind them. We couldn’t be more thrilled with the outcome."

Key Transaction Team

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