Press release
The Carlyle Group Agrees to Sell Liberty Tire Recycling To ECP
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
About this update from The Carlyle Group Inc.
[{"type":"text","content":"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. \nLiberty 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. \nCarlyle Strategic Partners IV, an investment fund managed by Carlyle, led a recapitalization transaction to become the Company's majority equity sponsor in December 2017. \nEvan 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.\"\nTyler 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.\"\nLiberty 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.\"\nFinancial details of the transaction were not disclosed.\nHoulihan Lokey is serving as the lead financial advisor, BMO Capital Markets is serving as co-financial advisor and Lath...