FARMINGTON HILLS — The private equity firm Beringea LLC said it has led a recapitalization of White Pigeon-based Fiber By-Products Corp., a processor, recycler and manufacturer of wood products.
Beringea’s investment will enable FBP management to pursue an expansion of the company’s footprint and operating capacity.
FBP recycles wood waste generated from a variety of markets. The company provides wood waste producers a cost-effective and environmentally friendly method of disposing of their waste. FBP processes the waste into consumable products, including animal bedding, boiler fuel, wood mulch and premium wood pellets used to heat homes and businesses.
“Fiber By-Products is a leading manufacturer of wood pellets in the Midwest region,” Beringea principal David Ruby said. “Given that this form of heating fuel is environmentally friendly as well as a cost efficient alternative to fossil fuels such as heating oil or propane, the market is steadily growing and the company is seeing increased demand for its product. Fiber By-Products is a Michigan clean technology company that offers consumers a truly sustainable source of fuel.”
FBP was founded in 1992 by the late Dale D. Schrock with his wife Barbara on their family farm in Goshen, Ind., just across the state line from White Pigeon. His four sons currently manage the business; Chad Schrock, CEO of the company said that “the family feels very blessed to see our father’s years of hard work and risk pay off. Furthermore, we are looking forward to our new partnership with Beringea. Their experience working with growing, small businesses is a perfect fit for us. We are excited to see how far we can take the company.”