Managed by co-CEOs, IceStone LLC manufactures ornamental surfaces from recycled glass and cement, finds traders in social enterprise circles and creates markets that attain green builders.
ICESTONE LLC is keeping tons of glass out of landfills and transforming it into high-end countertops and vanities. IceStone* surfaces glimpse like modern-day terrazzo, the faux marble flooring designed from marble chips set in clay. But rather of marble and clay, Ice-Stone is a mosaic combination of recycled glass and cement.
The system for production IceStone surfaces was developed by Tim McCarthy, who opened Ideal Harbor Structure Middle (GHDC) in 1998 in a 55,000 square foot factory in the Brooklyn (NY) Navy Property to commercialize the merchandise. McCarthy died of cancer in 2001 earlier than becoming able to completely start the provider or the item. His spouse, Carol McCarthy, set GHDC's assets and products up for auction in November 2003. Peter Strugatz and Miranda Magagnini ordered them.
Strugatz and Magagnini number one satisfied in 1995 at an Investor's Circle conference. The two ended up traders in social reason organisations (involving them, they have been concerned in fifteen private equity specials.) They formed a minimal liability partnership, Magagnini-Strugatz Ventures, so they could purchase a corporation in Brooklyn where by they each are living. "We understood that we would be working a 70-hour-week and did not want a very long commute from our families," explains Magagnini. They heard about IceStone from two resources, Investor's Circle, who the preceding proprietors had approached for funding, and a colleague who was on the board of the Brooklyn Navy Yard.
"I looked at IceStone from a advertising and marketing standpoint," says Magagnini. "I saw that it could be a marvelous triple bottom line agency that could be beneficial for employees and for the atmosphere and nonetheless return finances to traders." They started off a new organisation, IceStone LLC, renegotiated the lease for the factory put to use by GHDC at the Brooklyn Navy Lawn, and filed for a patent for the IceStone* production method.
Because 2003, Magagnini and Strugatz have raised $six million for their provider from a group of angel traders including Ben Cohen, cofounder of Ben & Jerry's Homemade, Inc. Greg Steltenpohl, 1 of the founders of Odwalla juice business and DaI La Magna, founder of Tweezerman Corporation. "Dal is our largest investor and the initial particular person to compose us a verify, for which we're tremendously grateful," states Magagnini. "We haven't accepted any enterprise capital funding so much," she adds. "All the traders have been progressive angel investors who believe that in our social mission."
The angel funding was employed to develop the factory, improve production capacity, commence branding IceStone, and advance the solution. "We built it stronger, much less porous and in a bit more awesome hues," notes Magagnini. "We did a great amount of R &. D with world-class researchers. Producing the world's sexiest concrete is not the least difficult factor to do. You have to maintain the glass and cement from breaking apart."
Investors in IceStone LLC are also partners and obtain quarterly studies on the company's actions. "When Peter and I have been personal traders, we many times didn't get updates on the companies we invested in, so we make positive we permit our traders know what we're doing," says Magagnini. Some of the traders serve on the company's Board of Advisors.
The company has obtained $500,000 in grants from New York State, together with $200,000 in study and advancement funding from the Environmental Financial commitment System (EIP). That cash flow was put into use to streamline the production procedure, decide to buy products, increase production potential and accelerate the revenue cycle. Other grants have been for waste reduction and to train staff members in "lean" manufacturing.
A amount of community organizations also helped kick off IceStone LLC, for example the Brooklyn Economic Advancement Corporation, Brooklyn Chamber of Commerce. New York Industrial Retention Network and Brooklyn Navy Yard. "These people young and old essentially did want us to be excellent," states Magagnini. "They served us locate resources of grant funding, renegotiate the lease for our facility, and guidance us locate fine staff. It normally requires a lot of people today to get you started in a new company."
SOCIAL Venture BACKGROUNDS
Prior to IceStone LLC, Strugatz was president of Strugatz Ventures, a private equity purchase company that money different transportation, healthy and natural foods enterprises, purchaser items and schooling. The enterprise fund invested in many suppliers among them Stonyfield Farm Yogurt, Hypercar, Wild Planet Toys, Zipcar and Utah Ventures. Strugatz is a former board member of the Social Enterprise Network and the ALS Association. He is an advisory board member of Underdog Ventures, a enterprise money fund that hyperlinks investors with socially responsible corporations, and Verite, a nonprofit corporation that identifies worker exploitation or wellbeing and security violations in the workplace, and develops packages to correct them.
Magagnini is a native of Brooklyn, exactly where she lives with her husband and two youngsters. She is the former chair and a present board member of Verité. She has considerably more than 25 decades of sales and profits, advertising and corporation turnaround practical knowledge. In the course of the 1980s, Magagnini helped develop sales and profits of HäagenDazs Ice Cream and Soho Pure Soda, which led to the acquisition of Häagen-Dazs by the Pillsbury Company and Soho by Seagrams. Considering that then, she has directly invested in a selection of providers like Stonyfield Farm Yogurt and Lipton Corporate Childcare. Strugatz and Magagnini serve as co-CEOs of Ice Stone LLC, and are equivalent partners in the service.
Product or service Specifics, FABRICATION
IceStone® surfaces are a combination of 75 % recycled glass, 17 to 18 % white Portland cement, pigment and proprietary elements. IceStone surfaces are marketed as a sustainable option to mined purely natural stone such as granite and marble, and engineered stone manufactured from quartz and polyester resin. The company's blog, www.icestone.com, states that 85 percent of mined all natural stone is imported from other countries, necessitates substantial quantities of fossil fuel to transport to the U.S., and is typically mined below hazardous functioning problems.
The recycled glass used in IceStone is previously presorted in accordance to shade and size. "The glass has to be tremendously thoroughly clean in buy to adhere strongly and tightly to the cement," says Magagnini. "If there are bits of debris in the glass, we reject it." The business enterprise pays ten instances greater for its glass than glass tile companies who can shop for damaged glass with dirt in it. "They can place it in a glass furnace and melt away off the dirt," she explains. The clean glass essential is not available in New York State, and is sourced from crushing and sorting facilities elsewhere. "More than time, we would like all of the glass to arrive from New York," she adds. At most, 25 % of glass in the United States is recycled, she says, in comparison to ninety to 95 % in Europe. "We're in the dinosaur days the following." The business enterprise bought 385 tons of postconsumer and postindustrial recycled glass in 2004, 750 tons in 2005, and expects to choose 2,000 tons in 2006.
IceStone is produced by an emission-totally free and chemical-absolutely free technique. The glass is very first combined with cement and poured into molds. The molds are then vibrated and place into curing chambers to raise the strength of the slabs and lessen their porosity. When the slabs are cured, they are popped out of the molds and polished on a great Italian stone-polishing device. The finished slabs are 52.five-inches wide by 96-inches lengthy by one and a person-quarter inches thick and weigh 500 kilos. They are polished to a superior gloss previously getting shipped out of the factory. Stone fabricators cut the slabs to the desired sizes working with traditional stone cutting gear and edge, seal and set up the solution for the consumer. The fabricators can also customize the complete of the solution by sandblasting or honing the surface area.
IceStone surfaces come in 24 typical hues together with neutrals, earth tones, pastels and vibrant colors these types of as green, blue, yellow and orange. Ice Stone LLC also results in custom shades for massive business installations, like as the colours (light green tea pearl and cayenne pearl) for the hundreds of tabletops becoming put in in new Starbucks retail suppliers. "We can make Ice Stone surfaces in more or less any coloration by adding pigment to the background combine and then choosing from a wide variety of sizes and hues of glass," states Magagnini.
Writer: Tucker, Molly Farrell