Glass recycling company short of funds
The Alabama Glass Recyclers are looking for angel investors or entrepreneurs seeking a new green business opportunity.
Founded in 2010, the company, which turns old bottles and jars into countertops and landscape cover, has run out of operating capital and can no longer continue operations without additional financial support. Majority owner, Lania Rivamonte, and four partners, Charlie Matthews, Terry Smith, and John Baker, make up the company.
Rivamonte noted that the company spent six months building up their supply of recycled glass prior to opening their doors. They developed the formula for the 5×10 foot countertop slabs, which have been tested and rated stronger than any other manmade countertop in the United States.
“We spent hours building up a formula that would be strong, stain resistant, and meet tough regulations,” Rivamonte said. “Once they got the formula perfected, their countertops were picked up by a big stone producer in Atlanta who wants to distribute slabs throughout the South East.”
Rivamonte said unfortunately, the company has now run out of operating capital.
“We have excellent prospects, and our product is popular here in the greater Huntsville area, Atlanta and Birmingham. We have sent out specs for five building projects, but need to raise more funds, or find someone to buy the business from us,” she said.
Rivamonte attributes the combination of the poor economy and uniqueness of the product, which is just starting to receive national awareness.
Their glass countertop slabs has been rated compliant with Leadership in Energy and Environmental Design (LEED), a green building rating system for homes and NAHB standards.
Ecosmart World Wide, located in Ft. Walton Beach, Fla., has chosen Alabama Glass’ countertop material for their compound, certified by the U.S. Green Building Council as the greenest project in America.
Since opening, the company has collected approximately 600 tons of used glass from 64 restaurants, bars, grocery stores, and neighborhoods, six windshield shops, and 14 public drop off spots throughout Greater Huntsville area. According to Rivermonte, they are the only glass recycling facility in Alabama. “Discovery Middle School in Madison recently added a drop off spot as well. They have partnered with Allied Waste who is furnishing the dumpster for our organization,” she said.
Rivemonte noted that public interest and support has been good.
“I have had to stop collecting glass every day from most recycling partners,” she said. “Two have asked if they can keep their barrels for their customers and then bring their glass to us in order to maintain their recycling. That is how it is important to them – the public support has been overwhelming.”
Rivamonte said if she does not find someone who can buy the company outright, she would like to find a minimum of buyers who will buy it together as a business.
“I am looking for angel investors or would like to sell it as a going concern. Someone who cares about the community, and is willing to continue the company’s original goals, mission and product.”
If you’re interested in becoming a financial partner in Alabama Glass Recyclers, call Lania Rivamonte at (256) 852-7975 or email lania@alabamaglassrecyclers.com.
