Recover™ Accelerates Growth With $100 Million Minority Equity Investment Led by Goldman Sachs Asset Management, Partnering With Existing Investor STORY3 Capital Partners
Recover™, a leading materials science company and producer of sustainable, premium recycled cotton fiber and cotton fiber blends, announced today that it has closed a new $100 million minority equity capital investment led by the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs). Goldman Sachs is investing alongside majority shareholder STORY3 Capital Partners.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220607005869/en/
Goldman Sachs x Recover™ (Photo: Business Wire)
Recover will use the investment to accelerate its global expansion and production capacity, allowing more rapid adoption of sustainability initiatives by leading brands and retailers. Recover serves some of the largest and most recognizable retailers, brands and vendors in the world, including, among others, Primark, Inditex, C&A, Revolve and Lands’ End.
Recover’s proprietary recycled cotton fiber reduces the carbon and water intensity of the apparel supply chain, addressing the apparel sector’s contribution to one of the world’s largest sources of environmental degradation. Recover estimates that the new investment places Recover on a path to increase its production to over 350,000 metric tons of recycled cotton fiber per year by 2026, saving up to 5 trillion liters of water annually—equivalent to the drinking water consumed by over 4.5 billion people each year—and allowing for significant reductions of carbon emissions, energy and land use relative to conventional cotton fiber, based on industry research.*
“Goldman Sachs is committed to partnering with innovative businesses that help drive sustainability,” said Letitia Webster, Managing Director and Chief Sustainability Officer of Goldman Sachs Asset Management Division. “Recover is a leading disruptor in the apparel and textiles space with much-needed sustainable solutions grounded in materials science. We’re excited to invest in Recover’s growth to accelerate scaled production and the continued development of its technologies.” As part of the transaction, Webster will join the Board of Directors of Recover.
“Recover is helping create a sustainable future by solving a colossal environmental issue and we are overjoyed to partner with Goldman Sachs to accelerate our growth,” said Alfredo Ferre, fourth-generation family steward and CEO of Recover. Ben Malka, Operating Partner at STORY3 Capital Partners and Executive Chairman of Recover, stated, “Recover has perfected the art and science of scaled production of sustainable recycled cotton fiber over more than 70 years across multiple generations of the Ferre family in Spain. Today, Recover offers a solution grounded in proprietary IP that provides cost-competitive, maximum-performance recycled cotton fiber for both rotor and ring-spinning applications.”
The Recover brand is an important part of leading retailers’ and brands’ sustainability commitments and credentials, and a growing number of Recover’s customers are co-branding products with Recover to showcase that they have been produced with the company’s recycled cotton fiber. Operating in the $50 billion cotton market, Recover is a leading innovator and category-defining business that has experienced rapid growth. The company has opened new manufacturing hubs in Pakistan and Bangladesh, with additional hubs in Bangladesh and Vietnam due to open in the near term.
“For change to happen at scale across the fashion industry, we need partnership and collaboration with innovators like Recover,” said Lynne Walker, Director of Primark Cares, Primark. “As we increase the use of Recover’s recycled cotton fiber in Primark products, this investment will enable us to meet our pledge to make more sustainable fashion affordable to millions of customers.”
Peter Comisar, Managing Partner of STORY3 Capital Partners and former Partner of Goldman Sachs, said, “We are incredibly proud that our collaboration with Recover has enabled the business to dramatically scale since our acquisition in 2020. Over the coming years, we will see radical transformation of large industries with sustainable solutions. Recover is uniquely positioned to be the global leader in sustainable cotton fiber and we are excited to partner with Goldman Sachs on the next phase of Recover’s evolution.”
*Source: LCA study verified by AITEX, Universitat de València and UNESCO.
Recover™ is a leading materials science company and global producer of low-impact, high-quality recycled cotton fiber and cotton fiber blends. Its premium, environmentally friendly, cost-competitive products are created in partnership with the supply chain for global retailers and brands, offering a sustainable solution to close the loop on fashion. As a fourth-generation, family-owned company with a 70-year history in the textile industry, Recover is on a mission to scale its proprietary technology to make a lasting positive impact on the environment and partner with brands/retailers and other change makers to meet the industry’s sustainability targets. For more information, visit www.recoverfiber.com and follow @recoverfiber on social media.
About STORY3 Capital Partners
STORY3 is a leading alternative investment manager exclusively focused on the consumer value chain, including businesses at the intersection of consumer and sustainability. Since the firm’s inception in October 2018, the STORY3 team has sourced, arranged and executed over $1 billion of capital transactions in consumer-facing businesses. STORY3 employs a flexible investment strategy and pairs deep industry expertise, operating support, and unique transactional experience to support value creation for its partners. For more information, please visit www.story3capital.com.
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
For Goldman Sachs
Goldman Sachs & Co. LLC
+1 212 902 5400
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
The Minister of Trade and Industry Launches the Norwegian Government's Battery Strategy at FREYR Battery in Mo i Rana27.6.2022 13:39:00 CEST | Press release
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, welcomes the Minister of Trade and Industry to launch the Norwegian Government's National Battery Strategy at FREYR Battery's giga giga factory location in Mo i Rana, Northern Norway. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220627005371/en/ "Sentraltomta" inside Mo industrial Park (Photo: Business Wire) This was announced at the Norwegian government’s webpages Monday morning 27th June Norwegian time: https://www.regjeringen.no/no/aktuelt/naringsministeren-lanserer-regjeringens-batteristrategi/id2920877/ FREYR Battery CEO, Tom Einar Jensen, says: “We are very proud that the Norwegian Government has chosen FREYR Battery’s giga factory location in Mo i Rana, as the historic place to launch Norway's National Battery Strategy. We warmly welcome the Minister of Trade and Industry, and experience this as a strong con
Time Manufacturing Company Acquires France Elévateur27.6.2022 12:00:00 CEST | Press release
H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $49 billion of equity capital under management, is pleased to announce that its portfolio company, Time Manufacturing Holdings, LLC (“Time Manufacturing” or the “Company”), a leading, global provider of vehicle-mounted aerial lifts, has acquired France Elévateur (“FE Group”). The pairing of the two companies, who share a mutual dedication to quality and safety, strengthens the combined platform’s global manufacturing capabilities while enhancing value to customers through a broader portfolio of complementary products and services. Founded in 1984 and headquartered in Flavigny, France, France Elévateur is a leading manufacturer of vehicle-mounted aerial platforms for customers in various trades including public lighting, electric utility, roofing, telecommunications, rail networks, and other fields requiring access solutions. Through its two manufacturing sites in France and Spain and its footprint of 15 s
Results from Phase 2 Study of Fazirsiran in Patients with Alpha-1 Antitrypsin Deficiency Published in New England Journal of Medicine27.6.2022 12:00:00 CEST | Press release
Takeda (TSE:4502/NYSE:TAK) (“Takeda”) and Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced that results from a Phase 2 clinical study (AROAAT-2002) of investigational fazirsiran (TAK-999/ARO-AAT) for the treatment of liver disease associated with alpha-1 antitrypsin deficiency (AATD) were recently published in the New England Journal of Medicine (NEJM) and presented in an oral presentation at The International Liver Congress™ 2022 - The Annual Meeting of the European Association for the Study of the Liver (EASL). The NEJM article was published online ahead of print and is titled, “Fazirsiran for Liver Disease Associated with Alpha-1 Antitrypsin Deficiency.” The EASL presentation was titled, “Reduction of Intra-hepatic Z-AAT Synthesis by Fazirsiran Decreases Globule Burden and Improves Histological Measures of Liver Disease in Adults with Alpha-1 Antitrypsin Deficiency.” This press release features multimedia. View the full release here: https://www.businesswire.com/news/ho
Seoul Viosys 'Violeds' UV-C Technology Applied to 30,000 Cubic Meters Per Day for Municipal Water Purification System from Typhon Treatment Systems27.6.2022 10:45:00 CEST | Press release
Seoul Viosys (KOSDAQ: 092190), a company specializing in optical semiconductors, announced that the ‘Violeds’ technology was supplied to Typhon Treatment Systems Ltd., a British water treatment company, and applied to the UK's Cumbria water purification plant with a daily water purification capacity of 30,000 cubic meters. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220627005267/en/ Typhon’s integrated array of ‘Violeds’ UV LEDs inside water pipe (Photo: Business Wire) UV lamp sterilization using mercury has been used in water purification facilities for the past several decades, and despite the restrictions on mercury products by the Minamata Convention, it was difficult to replace the sterilization performance, so it was subject to special permission. However, Violeds uses LEDs as a UV source, so it does not use mercury and reduces the amount of chemicals used for sterilization, thereby reducing the occurrence of enviro
Topdanmark deploys Guidewire for reduced IT complexity and omnichannel customer engagement27.6.2022 10:00:00 CEST | Press release
Guidewire (NYSE: GWRE) today announced that Topdanmark, Denmark’s second largest insurance company, has implemented Guidewire to lower IT architecture complexity and focus on the development of a strong platform with streamlined systems. The implementation will enable Topdanmark to engage more effectively with customers across multiple channels, to digitize policy and billing processes, and enable self-service functionality. Guidewire has been deployed to Topdanmark’s wind turbine, property, and content lines of business in their Agriculture division. This has been in parallel with deployment of a Salesforce platform that is deeply integrated with Guidewire. Further Guidewire deployments are planned in 2022 for their Private and Commercial divisions. "It has been vital for us to get the cornerstone right from the beginning by creating basic Danish insurance processes, integrations, and customer communication,” said Monica Diaz, Head of Agriculture and Commercial division. "With the cor