Kruger Family Industries Announces Equity Investment To Fund Significant Growth
Kruger Family Industries (KFI) is pleased to announce a growth equity investment led by a family office with participation from current shareholders. This funding allows KFI’s operations to meet the demands of a significant backlog and growing demand. This investment, combined with funds received from the government-sponsored CARES act, will allow the organization to scale to meet the record demand quickly.
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KFI is a family-owned manufacturing conglomerate focused on returnable packaging, OEM Components, and automotive accessories. Previously comprised of independently operating Penda and TriEnda facilities, KFI consolidated into a singular operation that effectively streamlined facilities, optimized operational capacities, and eliminated redundant functions.
The new corporate structure enables the sales and engineering departments to offer a broader product portfolio and increase custom capabilities, allowing KFI to expand to new and diversified markets and industries. Some of KFI’s most recent successes include supplying major grocery and retail chains with returnable material handling solutions, providing automotive OEMs with battery packaging for electric-powered vehicles, and manufacturing recreational products for several new customers. The company is also developing and delivering new components for heavy truck, agriculture, and construction equipment customers. In addition to these recently completed and in-process projects, KFI’s sales and new product development departments have various projects in a backlog to support the need for this investment.
President of Kruger Family Industries, David Kruger, said: “We are thrilled with the investment in KFI. Our sales teams have done a tremendous job building an awarded backlog that is the largest we’ve ever seen. Like many other companies, we have struggled with labor for the first half of the year. Our focus on training and recruitment in Q2 and Q3 resulted in staffing levels at 85+% at the end of August, with planned orientations bringing us to 100% by mid-September. These efforts, coupled with our 24/7 operation, have led to a month-over-month revenue increase of over 35% in August. With the investment, we are anticipating September revenues to increase significantly over August, and we anticipate a constant upward trajectory for Q4 2021 and continuing into 2022.”
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