NEW YORK and SUMMIT, N.J., April 1,
2021 /PRNewswire/ -- Global investment firm The Carlyle
Group (NASDAQ: CG) announced today that it has agreed to sell
Liberty Tire Recycling ("Liberty" or the "Company") to ECP, an
investor with a decades-long reputation in the environmental and
sustainable solutions sector. The transaction is subject to
customary closing conditions and is expected to close in the second
quarter of 2021.
Liberty is a premier provider of tire recycling services in
North America. With a network of
more than 25 processing plants and flexible collection service
offerings nationwide, the Company saves more than 190 million tires
per year from the waste stream, recycling approximately three
billion pounds of rubber for innovative, sustainable materials and
products.
Carlyle Strategic Partners IV, an investment fund managed by
Carlyle, led a recapitalization transaction to become the Company's
majority equity sponsor in December
2017.
Evan Middleton, co-head of
North America for Carlyle
Strategic Partners said, "Carlyle's investment thesis for Liberty
centered on the Company's attractive growth characteristics and the
ability to create a national provider operating at the nexus of
beneficial reuse and sustainable materials production. We are
confident that Liberty will continue to create value in an exciting
market under the ownership of ECP."
Tyler Reeder, Managing Partner of
ECP said, "Liberty occupies a key position in the recycling
industry and is part of a vital sustainability supply chain in
North America. As consumers and
manufacturers commit to greener and more sustainable products and
practices, Liberty's ability to provide sustainable materials and
solutions for a growing number of applications will only make the
Company a stronger and more sought-after partner."
Liberty Tire Recycling CEO Thomas
Womble said, "Under Carlyle's leadership, Liberty
transformed into a national company with strong assets, broad
capabilities, and innovative products. We are excited to partner
with ECP as we continue our growth trajectory and increase our
capacity to recycle tires into a wide range of beneficial,
eco-friendly products."
Financial details of the transaction were not disclosed.
Houlihan Lokey is serving as the
lead financial advisor, BMO Capital Markets is serving as
co-financial advisor and Latham & Watkins is serving as legal
advisor to Liberty Tire Recycling. Kirkland & Ellis LLP is
serving as legal advisor to ECP.
About Liberty Tire Recycling
Liberty Tire Recycling
is a premier provider of tire recycling services in North America. Liberty collects and recycles
used tires for innovative, beneficial re-use. The recycled rubber
produced by Liberty is used as crumb rubber and industrial
feedstock for molded products; as tire-derived fuel for industrial
kilns, mills and power plants; and as rubber mulch for landscaping
and playgrounds. The company maintains a network of processing
plants and comprehensive, nationwide collection services.
About The Carlyle Group
The Carlyle Group (NASDAQ:
CG) is a global investment firm with deep industry expertise that
deploys private capital across three business segments: Global
Private Equity, Global Credit and Investment Solutions. With
$246 billion of assets under
management as of December 31, 2020,
Carlyle's purpose is to invest wisely and create value on behalf of
its investors, portfolio companies and the communities in which we
live and invest. The Carlyle Group employs 1,825 people in 29
offices across five continents. Further information is available
at www.carlyle.com. Follow The Carlyle Group on Twitter
@OneCarlyle.
About ECP
ECP, founded in 2005, is a leading investor
across energy transition and decarbonization infrastructure assets,
including power generation, renewables and storage solutions,
sustainability-linked infrastructure and customer solutions
facilitating the energy transition. The ECP team, comprised of 52
people with 500 years of collective industry experience, deep
expertise and extensive relationships, has consummated more than 60
transactions over the last 10 years, representing more than
$45 billion of enterprise value.
Media contacts
Liberty Tire Recycling
Don Meyer
Donald.Meyer@gowestfourth.com
202-834-6859
Carlyle
Christa Zipf
Christa.zipf@carlyle.com
347-621-8967
ECP
Jonathan Keehner / Julie Hamilton / Kara
Brickman
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE The Carlyle Group; ECP