EcoDuro Gets VC Money

August 3, 2005
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GRAND RAPIDS — EcoDuro, a supplier of recyclable honeycomb paper shipping pallets that recently relocated to West Michigan, has landed $2 million in investment capital from a consortium led by Endurance Ventures of Ann Arbor.

EcoDuro relocated its headquarters from Chicago to an 180,000-square-foot manufacturing facility in Grand Rapids with its manufacturing partner, Honeycomb Products of Michigan/L& F Packaging.

The plant has the capacity to produce more than 1.5 million pallets per year.

"The move to Michigan enables EcoDuro to take advantage of Michigan's manufacturing and logistics infrastructure," stated John Burnsworth, EcoDuro president. "Michigan's manufacturing base, one of the largest in the world, positions EcoDuro to expand its customer base more effectively.

"Additionally, EcoDuro benefits from Michigan's transportation and shipping infrastructure that generates significant cost-savings for EcoDuro and its customers nationwide."

EcoDuro primarily ships within the United States and Canada to its domestic and export customers including Pfizer, Ball Container, Consolidated Biscuit and Magna Donnelly.

Ron Reed, partner at Endurance Ventures, said EcoDuro's significant growth over the past year made the company an attractive investment opportunity.

"EcoDuro's products are cost-effective and directly address emerging needs in the shipping and manufacturing marketplace that competing products cannot match," Reed said. "As shipping costs rise and global environmental concerns, from pests to pollution, continue to impact how manufacturers transport goods, EcoDuro's clean, lightweight and recyclable paper pallets will become the industry standard."

Endurance Ventures is a merchant banking and venture capital organization with nearly $60 million under management. The firm specializes in mid-market companies with revenue between $5 million and $100 million.    

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