Carlyle Group announced that it has agreed to sell Liberty Tire Recycling to ECP, an investor 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.
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.