Closed Loop Partners’ Private Equity Fund Announces Final Close, Managing Assets In Excess of $200M  

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June 06, 2022

Closed Loop Partners’ Leadership Fund Continues to Buy and Build Circular Economy Businesses that Mitigate Waste and Strengthen Circular Supply Chains

NEW YORK, NY (June 6, 2022) Closed Loop Partners announced Monday the successful final close of its Closed Loop Leadership Fund, managing in excess of $200 million of total assets. KIRKBI, funds and accounts managed by BlackRock, and Realdania’s mission-driven investment arm join existing investors including Nuveen, a TIAA company; Nestlé; Microsoft; PepsiCo; Unilever; SK Geo Centric Co., Ltd.; donor advised funds and a series of global family offices in Closed Loop Partners’ buyout investment strategy focused on building circular economy platforms across sectors.

Led by a team with decades of operating experience and investment expertise, the Fund’s strategy centers on scaling business models that advance circular supply chains to keep packaging, organics, electronics and apparel out of landfills and within a circular system. The Closed Loop Leadership Fund’s first investment was acquiring Balcones Resources, a top-tier, family-owned recycling business based in Austin, TX. In January 2022, the Leadership Fund led a consortium of investors to acquire the majority stake of Sims Municipal Recycling (SMR), which manages New York City’s municipal recycling contract, the largest in North America. Combined, the Closed Loop Leadership Fund portfolio helps keep over 920k tons of recycled materials in play per year.

“Transitioning to a circular economy represents a capital shift of $4.5 trillion by 2030, according to research. There are strong tailwinds of consumer demand, cost-savings and resiliency driving the shift away from a linear economy,” says Lynn Baranski, Global Head of Investments, BlackRock Private Equity Partners. “Closed Loop Partners has the expertise, thought leadership and differentiated execution ability to help capture the opportunity of this shift and drive positive economic, social and environmental outcomes through its investments.”

“Increased circularity is critical to advance more sustainable production systems and more efficient use of natural resources,” said Damir Hamzic, Head of Circular Plastics Investments at KIRKBI A/S. “Our investment in Closed Loop Partners’ Leadership Fund aims to accelerate circular solutions and ultimately contribute to global sustainable development.”

“Realdania’s mission-related investment in the Closed Loop Leadership Fund supports the development of the circular economy, that holds great potential for the environment and sustainability,” said Kenneth Lillelund Winther, Executive Director & CIO of Realdania. “Investing in the circular economy supports the sustainable management and use of natural resources and reduces waste through recycling and reuse.”

The Leadership Fund is the largest fund to date for Closed Loop Partners, a pioneer in circular economy-focused investing. Over the past eight years, Closed Loop Partners deployed capital across multiple asset classes to help accelerate the transition to a circular economy, while driving returns for investors. The Closed Loop Partners platform now manages over $475 million and has made over 60 investments since its inception.

“Since its launch in 2019, the Closed Loop Leadership Fund, our buyout strategy at Closed Loop Partners, has made significant strides acquiring and building businesses at the forefront of developing circular supply chains at scale,” says Ron Gonen, Founder & CEO of Closed Loop Partners. “This final close of the Fund, which includes a number of leading investors, is a milestone for the development of the circular economy.”

To date, Closed Loop Partners’ investments have kept 3.6 million tons of materials in circulation and avoided 6.8 million tonnes of greenhouse gas emissions. The company’s vision and track record of successfully deploying capital toward circular solutions has enabled the shift away from inefficient, linear, extractive supply chains and toward more efficient, waste-free circular systems. The Leadership Fund is strategically positioned within the broader Closed Loop Partners ecosystem that is comprised of venture capital, growth equity, private equity, catalytic capital and an innovation center focused on building the circular economy.

“As an early investor in the Closed Loop Leadership Fund, one of our key goals was to drive increased investment in circular supply chains from the financial community as we continue our work to help create a waste-free future,” said Chastity McLeod, Director of Technical Packaging, Nestlé USA. “We are thrilled to see the growth and impact of the fund since its launch and are proud to close the fund with such a diverse group of investors that will help scale the solutions needed to advance a circular economy.”

About Closed Loop Partners

Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity and catalytic capital, as well as an innovation center focused on building the circular economy. Investments align capitalism with positive social and environmental impact by reducing waste and greenhouse gas emissions via materials innovation, advanced recycling technologies, supply chain optimization and landfill diversion. Learn more at closedlooppartners.com

About the Closed Loop Leadership Fund at Closed Loop Partners

The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on investing in best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system.

To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website here.

A Closed Loop Partners Managed Investment Fund Leads a Consortium of Investors in Acquiring Sims Municipal Recycling

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March 02, 2022

A Closed Loop Partners Managed Investment Fund Leads a Consortium of Investors in Acquiring Sims Municipal Recycling, One of the Largest Privately Held Recycling Companies in the World

Sims Municipal Recycling manages several municipal recycling programs including the largest municipal recycling contract in North America, New York City’s recycling contract

NEW YORKMarch 2, 2022 /PRNewswire/ — The Closed Loop Leadership Fund, L.P., a private investment fund managed by Closed Loop Partners (CLP), has led a consortium of investors, including the Partnership Fund for New York City, in acquiring a majority stake in Sims Municipal Recycling (SMR). The acquisition is expected to further modernize circular economy infrastructure and service in the New York-New Jersey Metro region and Florida, as well as expand SMR’s best-in-class operations into new markets. SMR currently operates four recycling facilities across the New YorkNew Jersey metro region and Florida, including its Brooklyn materials recovery facility (MRF), which is the largest dual stream recycling facility in North America. SMR also manages the long-term New York City residential recycling contract, which is the largest municipal recycling contract in North America. The investment in SMR is expected to accelerate the recovery of valuable commodities, including plastics, paper, metal and glass, diverting them from landfills and returning them to manufacturing supply chains. In the coming years, SMR’s expansion is expected to create additional local jobs in the recycling and manufacturing sectors.

SMR’s board will become one of the first majority female-led boards in the industry, with Jessica Long, Managing Director at Closed Loop Partners, as Chairperson of the Board. Long says, “Closed Loop Partners’ ecosystem of investors––including strategic corporate partners like Nestlé, PepsiCo Beverages North America, Microsoft and Unilever, pension funds, family offices and foundations––are all interested in developing sustainable business models and markets for recycled content, keeping valuable materials out of landfill. This investment, coupled with the existing portfolio of Closed Loop Partners’ managed investment funds, will enable SMR to expand its services, accelerating the development of circular economy infrastructure in the United States.”

“SMR will continue to provide important recycling services to New Yorkers and communities across the NY-NJ metro region and Florida. We now have an exciting opportunity to combine our strong operating history with Closed Loop Partners’ extensive resources to strengthen circularity for the post-consumer municipal waste stream,” says Tom Outerbridge, President of SMR. “Together, we can accelerate the modernization of recycling across the United States to close the loop on valuable materials and build a truly circular economy.”

SMR produces hundreds of thousands of tons of recycled metals, plastics, paper and glass for sale to mills, smelters, refiners, re-claimers and secondary material processors. Since winning the contract to service the City of New York, SMR has grown to handle more than 600,000 tons of municipal curbside material annually that is collected from more than 10 million people.

“Every year, New Yorkers put hundreds of thousands of tons of valuable materials like plastic, glass, metal and paper into their recycling bins, and Sims Municipal Recycling plays a critical role in processing these to make sure they re-enter manufacturing supply chains, rather than turn into waste,” says Bridget Anderson, Deputy Commissioner, Recycling and Sustainability at NYC Department of Sanitation (DSNY).

In cities across North America, including New York, zero-waste goals are becoming a top priority with the growing urgency of climate risks and increasing landfill costs. According to the Circularity Gap Reporting Initiative, 70% of all global greenhouse gas (GHG) emissions are related to material handling and use, making circular economy infrastructure a critical part of the solution to our climate crisis. Expanding access to recycling services and enabling local circular economy manufacturing can help cities and businesses avoid the cost of landfilling products and packaging, while eliminating the GHG emissions associated with manufacturing using virgin materials, and helping to create thousands of local jobs and more resilient communities.

This investment is made possible by a group of investors, including investment funds managed by Closed Loop Partners, such as the Closed Loop Leadership Fund and the Closed Loop Circular Plastics Fund, as well as the Partnership Fund for New York City, among others. The Closed Loop Leadership Fund, Closed Loop Partners’ managed buyout fund, includes investors Microsoft Climate Innovation Fund, Nestlé, PepsiCo Beverages North America and Unilever, alongside family offices, pension funds and foundations. It also marks the first investment from the Closed Loop Circular Plastics Fund, Closed Loop Partners’ catalytic flexible financing fund that launched in 2021, and includes investors Dow, LyondellBasell, NOVA Chemicals, Sealed Air and SK Geo Centric Co., Ltd. Closed Loop Partners’ Circular Plastics Fund finances technologies, companies and infrastructure projects that increase the quality and quantity of recycled polyethylene and polypropylene. Together, these companies each have ambitious commitments to use recycled materials in their manufacturing supply chains, yet the current supply of recycled plastics meets only six percent of demand for the most commonly used plastics in the U.S. and Canada.

“Sims Municipal Recycling will play a critical role in powering an inclusive circular economy in New York City by reducing waste and supporting a sustainable supply chain for new products,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “We are excited to support this acquisition which will help ensure that SMR has the resources and next-generation technology to expand its regional footprint at a time when New York is rethinking its recycling systems and transitioning to a greener economy.”

“Nestlé is committed to helping ensure that after our consumers enjoy the products we create, there is infrastructure in place that allows them to recycle and help keep those plastics out of landfills,” said Chastity McLeod, Director of Technical Packaging at Nestlé USA. “This acquisition is an important step towards making that type of true circular system a reality. We are proud of our investment and partnership with Closed Loop Partners and look forward to continued collaboration as we work together to advance our shared vision for a waste-free future.”

“The recycling landscape in America continues to be challenging, and as companies – including PepsiCo – set ambitious goals to use more recycled content in their packaging, there is more need than ever for partnerships and action to increase access to recycled material,” said Jason Blake, Chief Sustainability Officer and SVP at PepsiCo Beverages North America. “Through our partnership with Closed Loop Partners we are able to advance the necessary work that is being done to transform the recycling system and get access to more high-quality recycled material that will help us to make progress towards our PepsiCo Positive goals and transformation.”

“Investing in recycling infrastructure is central to Unilever’s goal to collect and process more plastic packaging than we sell by 2025,” said Niki King, Head of Sustainability for Unilever North America. “Sims Municipal Recycling already has one of the largest recycling facilities in North America, and we’re happy to see our investment going toward growing this company to unlock great capacity to keep materials in the circular economy.”

“When Dow joined the Circular Plastics Fund as an initial investor, we envisioned projects like the Sims Municipal Recycling acquisition,” said Diego Donoso, President of Dow Packaging & Specialty Plastics. “I know this is just the first of several significant projects that will grow and improve recycling infrastructure in the U.S. as a result of the Fund.”

“Removing plastic waste from the environment is an essential contribution to society and future generations. LyondellBasell is proud to be a founding partner of Closed Loop Partners’ Circular Plastics Fund and is very pleased the fund’s first investment is Sims Municipal Recycling,” said Ken Lane, Executive Vice President, Global Olefins and Polyolefins at LyondellBasell. “Through this investment, we are moving another step closer toward achieving a circular economy.”

“NOVA Chemicals is excited to participate in the Closed Loop Circular Plastics Fund’s first investment in Sims Municipal Recycling. Together, we are committed to enabling the circular economy by finding ways to reuse plastics again and again,” said Luis Sierra, President and CEO of NOVA Chemicals. “The Closed Loop Circular Plastics Fund plays a powerful role in catalyzing capital, attracting more investors, and aligning companies across the plastics value chain so that together we can create a circular, waste-free system for plastics.”

“At Sealed Air, we understand the circularity of packaging is critical for our sustainability purpose, and we are excited about the potential of this investment in partnership with Closed Loop Partners and its managed funds,” said Sergio Pupkin, Chief Growth & Strategy Officer at Sealed Air Corporation. “It’s critical that we grow recycling infrastructure so that we can recover more materials and loop them back into packaging supply chains.”

Investing in the growth and strengthening of recycling infrastructure across the United States will help recover the value of products and packaging, returning materials to manufacturing supply chains and enabling packaging circularity. To learn more about this work, visit www.closedlooppartners.com.

About Closed Loop Partners
Closed Loop Partners is a leading circular economy-focused investment firm and innovation center. The New York-based investment firm manages venture capital, growth equity, private equity and project-based finance funds. The firm’s business verticals build upon one another, bridging gaps and fostering synergies to scale the circular economy. Learn more here.

About the Closed Loop Leadership Fund at Closed Loop Partners
The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on investing in best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system.

To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website.

About the Closed Loop Circular Plastics Fund at Closed Loop Partners
The Closed Loop Circular Plastics Fund provides catalytic financing to build circular economy infrastructure and improve the recovery of polypropylene and polyethylene plastic in the U.S. & Canada, returning plastics to more sustainable manufacturing supply chains for use as feedstock for future products and packaging. Learn more about the Fund’s investment criteria and apply for funding here.

The Fund’s goal of optimizing recovery infrastructure is one part of Closed Loop Partners’ broader initiative of Advancing Circular Systems for Plastics. This initiative prioritizes scaling reuse and refill models and reducing material usage in design, while bolstering the recovery infrastructure to address plastics waste.

To learn about the Closed Loop Circular Plastics Fund, visit Closed Loop Partners’ website.

About Sims Municipal Recycling
Sims Municipal Recycling (SMR), a leader in the municipal recycling industry, was established in 2003 as a wholly-owned division of Sims Limited, a global leader in recycling and sustainability. Since that time, SMR quickly became the cornerstone of the New York City curbside recycling program. Through its long-term contract with the New York City Department of Sanitation (DSNY), SMR processes and markets 100% of the metal, glass and plastic, and 50% of the paper, collected by DSNY from all New Yorkers. SMR serves New York City and surrounding New Jersey municipalities through its facilities in the BronxBrooklynQueens, and Jersey City, NJ. SMR manages the curbside recyclables of Palm Beach County, FL, through a long-term operating agreement with the Solid Waste Authority of Palm Beach County, and has been contracted to provide similar services to Lee County, FL. Sims Limited remains a minority stakeholder in SMR, and you can read more about the company’s sustainability goals at www.simsltd.com. Visit www.simsmunicipal.com to learn more about SMR and its commitment to sustainability.

About The Partnership Fund for New York
The Partnership Fund for New York City is the investment arm of the Partnership for New York CityNew York’s leading business organization. Our mission is to mobilize our investors’ resources—their money, time and influence—to create jobs, spur new business creation and to expand opportunities for all of the city’s residents and neighborhoods. We invest in innovative nonprofit and for-profit companies to ensure a promising future for New York City. Our investment focus is to make New York City stronger and more inclusive. We prioritize initiatives that create jobs and support social entrepreneurship, particularly in disadvantaged neighborhoods. We facilitate the growth of emerging industries so that New York City is at the forefront of innovation, remains a hub for exceptional talent, and is positioned for the future.

Media Contact:
Georgia Sherwin
[email protected]

SOURCE Closed Loop Partners

SK Global Chemical Invests $10 Million with Closed Loop Partners to Scale Best-in-Class Plastics Recycling Solutions & Catalyze the Shift Toward a Circular Economy

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July 27, 2021

With a rapidly evolving plastics industry and increasingly urgent climate challenges, SK Global Chemical joins leaders Dow, LyondellBasell & NOVA Chemicals, among others, in paving differentiated and globally sustainable ways forward for the industry

July 27, 2021, New York – Today, SK Global Chemical (SKGC) announced their investment in two of Closed Loop Partners’ funds––the Closed Loop Circular Plastics Fund and the Closed Loop Leadership Fund––to advance circular business models, scalable recycling technologies, and materials recovery infrastructure in the U.S. and Canada. Their investment will help increase the supply of high-quality recycled content to meet growing demand, return valuable materials to manufacturing supply chains and ultimately reduce extraction of virgin resources. SKGC and Closed Loop Partners’ collaboration is a critical step in demonstrating what the future of a fully circular plastics system could look like and sending a market signal to others to spur recycling markets that must mature more quickly.

“Plastics manufacturers play a key role in building circular systems for plastics––they are at the early stages of the supply chain, helping determine the quality, sustainability and recyclability of the plastics that flow through the entire system. It’s critical that these stakeholders adapt to the changing times and expectations; antiquated business models that rely on virgin plastics are no longer viable when confronted with limited natural resources and mounting plastic waste,” says Ron Gonen, Founder & CEO of Closed Loop Partners. “SK Global Chemical’s investment in our funds helps catalyze circular plastics supply chains in the U.S. and Canada, while also providing for the exchange of best practices with Asia, accelerating a circular economy at a much larger scale.”

SKGC’s investment with Closed Loop Partners builds on their ‘Zero Plastic Waste’ goals and efforts to bolster innovations across the plastics recycling system. Under their “Green For Better Life” strategy, SKGC continues to grow plastics recycling capacity globally. The company aims to recycle 900 thousand tons of plastic waste per year by 2025, lower their use of plastics, and make all of its products eco-friendly, by 2027. SKGC has formed strategic partnerships with cutting-edge advanced plastics recycling companies in North America, invested on-the-ground in new facilities that transform plastic waste into virgin-like plastics, and continues to optimize mechanical recycling infrastructure to reduce overall virgin plastic consumption. One of the reasons SKGC chose to collaborate with Closed Loop Partners is to expand its connections to a roster of leading companies working toward the circular economy, comprising both multinationals with extensive scale and emerging innovators introducing differentiated sustainable solutions.  Their investment with Closed Loop Partners aligns with ambitions of their parent company, SK Innovation, to transition from  “carbon to green” by investing more than $20 billion in five years.

SKGC’s investment in Closed Loop Partners’ Circular Plastics Fund, launched in May with Founding Investors Dow, LyondellBasell and NOVA Chemicals, brings the Fund closer to its goal of deploying $100 million to advance the recovery of plastics in the U.S. and Canada. The Fund’s catalytic strategy fills investment gaps to spur recycling markets, attracting additional corporate investors and financial institutions and accelerating capital inflows beyond the Fund’s own commitments. The Fund will invest in three strategic areas to increase the amount of high-quality recycled plastic available:

  • Access – Increasing the collection of targeted polyethylene (PE) and polypropylene (PP) plastics by advancing current and next-generation material collection systems, including transportation, logistics and recycling sortation technologies and infrastructure.
  • Optimization – Upgrading recycling systems to more efficiently aggregate, classify and sort the targeted plastics to increase the total amount of high-quality plastic, including food-grade and medical-grade plastic, sent for remanufacturing.
  • Manufacturing – Investing in facilities and equipment that manufacture finished products, packaging or related goods using recycled content, including recycled PE and PP.

The Closed Loop Leadership Fund, Closed Loop Partners’ private equity arm, is a complementary market rate strategy that proves the growth and profitability of circular economy business models. The Fund acquires and scales best-in-class companies along the value chain to build circular supply chains in the U.S.––focused on extending the useful life of materials, including plastics and packaging, organics, electronics and apparel. The Fund’s value creation strategy focuses on driving resilient profitability for businesses that optimize supply chains, keep materials out of landfill and advance the circular economy.

Since its founding in 2014, Closed Loop Partners has made more than 50 investments, diverting more than 4,600 million pounds of material from landfills and back into manufacturing supply chains. The New York-based investment firm and innovation center accelerates the circular economy through a suite of solutions––including investments and research in design innovation that reduces material use and resource extraction, reuse systems that extend the useful life of valuable materials, and mechanical recycling infrastructure and advanced recycling technologies that together help recover plastics. Building on its proven track record, and extensive ecosystem of entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities in North America, Closed Loop Partners is well positioned to form key partnerships and drive strategic investments to advance SKGC’s goals.

Na Kyung-soo, CEO of SK Global Chemical says, “We aim to build systems that keep plastics in circulation, meeting the needs of people around the world, without compromising the natural environment. Our investment with Closed Loop Partners not only helps us advance these goals, but opens doors to new strategic partnerships with leading companies that share the same vision of advancing circular systems for plastics. As a plastics manufacturer, we recognize our responsibility in transforming plastics supply chains to collect and reuse existing materials, and know that collaborating across industries is essential to system-wide impact. We look forward to working with Closed Loop Partners and their network to drive toward our shared goals.”

In accordance with SKGC’s strategic imperatives, by 2025 SKGC will  invest  500 million USD to build a cutting edge advanced plastics recycling plant in Korea.

 

About Closed Loop Partners

Closed Loop Partners is a New York-based investment firm comprising venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. The firm has built an ecosystem that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy. Learn more about Closed Loop Partners here.

About the Closed Loop Circular Plastics Fund at Closed Loop Partners

The Closed Loop Circular Plastics Fund provides catalytic financing to build circular economy infrastructure and improve the recovery of polypropylene and polyethylene plastic in the U.S. & Canada, returning plastics to more sustainable manufacturing supply chains for use as feedstock for future products and packaging. Learn more about the Fund’s investment criteria and apply for funding here.

About the Closed Loop Leadership Fund at Closed Loop Partners

The Closed Loop Leadership Fund is Closed Loop Partners’ market rate private equity fund, focused on acquiring and scaling best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system. Learn more about the Closed Loop Leadership Fund here.

About SK Global Chemical

In 1972, SK global chemical laid the foundation for the development of the petrochemical industry by operating the first naphtha-cracking facility in Korea. They provide various automotive & packaging products and solutions required by customers and markets, and are growing into a technology-based global chemical company through continuous R&D efforts and global expansion.

SK global chemical will achieve its vision, ‘Green for Better Life’, by establishing a plastics-based circular economy, collaborating with various partners and stakeholders. They will expand their portfolio of eco-friendly products and will continuously recycle beyond the amount of plastics that they produce, in order to realize and leverage the sustainability efforts that will benefit our planet. Learn more about SKGC here.

Closed Loop Partners and ERI Enter Strategic Partnership to Strengthen Innovative Circular Economy Supply Chains

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July 14, 2021

Closed Loop Partners makes a significant strategic investment in ERI; Founder & CEO Ron Gonen will join ERI’s Board

NEW YORK–(BUSINESS WIRE)–ERI, the nation’s largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company and Closed Loop Partners, the leading investment firm focused on building the circular economy in North America and beyond, have announced that they have entered into a partnership.

As part of the partnership, Closed Loop Partners’ Leadership Fund, part of the private equity group at Closed Loop Partners, has made a significant strategic investment in ERI. The Closed Loop Leadership Fund, established in 2019, focuses on investing in and scaling businesses fundamental to keeping packaging, organics, electronics and apparel out of landfills and within a circular system. Investors in the Fund include Microsoft, Nestlé and Unilever as well as institutional investors and family offices. Ron Gonen, Founder and CEO of Closed Loop Partners has also been elected to ERI’s board of directors.

“ERI is the leading recycler of electronics in the United States, consistently demonstrating the viability of closed loop systems for high value materials,” said Gonen. “Globally, we discard $55 billion in e-waste annually, and the waste stream is projected to grow more rapidly in the coming years, diverting these materials from landfills and back into manufacturing supply chains is critical. Our partnership with ERI will strengthen circular supply chains that ultimately benefit people, the planet and business.”

“This is the perfect time for a partnership between ERI and Closed Loop Partners,” said John Shegerian, ERI’s Chairman/CEO. “Due to a perfect storm of innovation, the internet of things, cars essentially becoming computers on wheels, an increase in wearable tech, the 4G to 5G switchover, increasing consumption, data privacy issues and other factors, e-waste is the fastest growing waste stream in the world – growing at a rate five times faster than any other waste stream. By partnering with our longtime friends at Closed Loop Partners, we are ideally positioned to play a meaningful role in accelerating change.”

“We are also honored to have Ron Gonen join our board,” added Shegerian. “It was Ron who introduced us to AMP Robotics, our partners in the development and implementation of our first-in-industry AI-driven robotic systems currently increasing operational efficiencies in our recycling facilities. He was also serving as Deputy Commissioner of Sanitation, Recycling and Sustainability for New York City when ERI teamed with the city to launch the city’s groundbreaking and award-winning residential e-waste pickup and recycling program, ecycleNYC. So there is tremendous synergy there. As a thought leader, Ron has already provided tremendous guidance and insight in terms of the circular economy and we are incredibly excited to be entering into this new level of collaboration with him and his team at Closed Loop Partners.”

About Closed Loop Partners:

Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. Since its founding in 2014, Closed Loop Partners’ existing portfolio of more than 50 investments has diverted more than 4,600 million pounds of material from landfills and back into manufacturing supply chains. The firm has built an ecosystem that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy.

About ERI:

ERI is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified locations, serving every zip code in the United States. ERI’s mission is to protect people, the planet and privacy. For more information about e-waste recycling and ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.

Contacts

ERI: Paul Williams, 310/569-0023, [email protected]
Closed Loop Partners: Georgia Sherwin, 929/427-7786, [email protected]

Unilever North America Investment Will Recover More than Half of its Plastic Packaging Footprint

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March 16, 2021

Company will collect more plastic than it sells by 2025 through Closed Loop Partners investment and shift to recycled plastic 

ENGLEWOOD CLIFFS, N.J.–(BUSINESS WIRE)–Unilever North America announced today a $15 million investment in Closed Loop Partners’ Leadership Fund to help recycle an estimated 60,000 metric tons of U.S. plastic packaging waste annually by 2025, an amount equivalent to more than half of Unilever’s plastics footprint in North America. The impact of Unilever’s new investment and its continued use of post-consumer recycled (PCR) plastic packaging, which is approximately 59,000 metric tons per year, will underpin the delivery of its commitment to collect and process more plastic packaging than it sells by 2025.

Closed Loop Partners’ Leadership Fund is a private equity fund that acquires and grows companies across the value chain working to increase recycling and keep valuable materials in the circular economy and out of landfills.

“We believe plastics’ place is inside the circular economy where it is reused, and not in the environment,” said Fabian Garcia, President of Unilever North America. “We’re advocating to transform the recycling system for a waste-free world, and we urgently need business investment to help make it happen.”

“Unilever is a pioneer and leader when it comes to recognizing the economic, social and environmental value of embedding circular economy principles throughout their business, critically moving from ambitious commitments and goals to tangible action and progress,” said Ron Gonen, Founder and CEO of Closed Loop Partners. “Unilever’s investment in Closed Loop Partners’ Leadership Fund, in addition to its existing investment in our Infrastructure Fund, will help accelerate the shift toward more circular supply chains by scaling best-in-class circular business models and supporting the technological breakthroughs and sustainable innovations that keep valuable materials continuously cycling in manufacturing supply chains.”

Unilever’s goal to collect and process more plastic packaging than it sells is a part of its ambitious set of “Waste-Free World” commitments. Those global commitments include halving use of virgin plastic; ensuring all of its plastic packaging is reusable, recyclable or compostable; and using at least 25 percent recycled plastic in its packaging.

Half of the 118,000 metric tons of plastic packaging used by Unilever North America is PCR plastic. Many of its brands, including Dove, Hellmann’s, and Seventh Generation, already use 100 percent PCR bottles. The investment in Closed Loop Partners’ Leadership Fund will help secure additional PCR plastic supply for Unilever brands and increase access to recycled plastic feedstock processed by the companies the Fund invests in.

In addition to its private investments to improve recycling, Unilever is advocating for producer responsibility legislation that would significantly increase broader investment needed from the industry to transform the recycling system. The company is working with major CPG companies through the Circular Economy Accelerators to promote a plan for brands to fund needed recycling infrastructure investments in the U.S. In Canada, Unilever North America participates in extended producer responsibility programs in provinces with established programs.

Note to Editors:

Unilever’s Waste-Free World commitments:

By 2025, Unilever will:

  • Halve our use of virgin plastic, by reducing our absolute use of plastic packaging by more than 100,000 tons
  • Help collect and process more plastic packaging than we sell
  • Ensure that 100 percent of our plastic packaging is designed to be fully reusable, recyclable or compostable
  • Increase the use of post-consumer recycled plastic material in our packaging to at least 25 percent

Unilever will transform its approach to plastic packing through its ‘Less plastic. Better plastic. No plastic.’ internal framework. The framework – which was implemented in 2017 – outlines the approach to achieving its commitments and guides its innovation.

  • ‘Less plastic’ is about cutting down the amount of plastic used in the first place.
  • ‘Better plastic’ is about making products recyclable and eliminating problematic materials. Specifically, it’s about getting recycled content into our packaging.
  • And ‘no plastic’ is about thinking differently – using alternative materials such as aluminum, glass, paper and board where possible and removing plastic where it is not necessary.

Learn more on Unilever’s Waste-Free World hub.

About Unilever North America
Unilever is one of the world’s leading suppliers of Beauty & Personal Care, Home Care, and Foods & Refreshment products, with sales in over 190 countries and products used by 2.5 billion people every day. We have 149,000 employees and generated sales of €50.7 billion in 2020. Over half of our footprint is in developing and emerging markets. We have around 400 brands found in homes all over the world. In the United States and Canada, the portfolio includes iconic brand such as: Dove, Knorr, Hellmann’s, Lipton, Magnum, Axe, Ben & Jerry’s, Degree, Dollar Shave Club, Q-tips, Seventh Generation, St. Ives, Suave, TRESemmé, and Vaseline.

Our vision is to be the global leader in sustainable business and to demonstrate how our purpose-led, future-fit business model drives superior performance. We have a long tradition of being a progressive, responsible business. It goes back to the days of our founder William Lever, who launched the world’s first purposeful brand, Sunlight Soap, more than 100 years ago, and it’s at the heart of how we run our company today.

The Unilever Compass, our sustainable business strategy, is set out to help us deliver superior performance and drive sustainable and responsible growth, while:

  • improving the health of the planet;
  • improving people’s health, confidence and wellbeing; and
  • contributing to a fairer and more socially inclusive world.

While there is still more to do, we are proud to have been recognized in 2020 as a sector leader in the Dow Jones Sustainability Index and – for the tenth-consecutive year – as the top ranked company in the 2020 GlobeScan/SustainAbility Sustainability Leaders survey.

For more information on Unilever U.S. and its brands visit: www.unileverusa.com

For more information on Unilever Canada and its brands visit: www.unilever.ca

About the Closed Loop Leadership Fund at Closed Loop Partners
The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on acquiring best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system. Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. The firm’s business verticals build upon one another, bridging gaps and fostering synergies to scale the circular economy.

To learn about the Closed Loop Leadership Fund, visit Closed Loop Partners’ website.

Balcones Resources’ Board Elects Former CFO, Adam Vehik, as President of the Austin-Based Recycling Company

By

October 15, 2020

October 15  – On August 25, 2020, Adam Vehik was elected by the Balcones Resources’ Board of Directors to assume the responsibilities of President of the Corporation. Vehik will assume his post as President immediately, leading the continued growth of the company following its acquisition of Sarasota-based, AI-powered recycling facility, Single Stream Recyclers (SSR).

Prior to his 10-year tenure as Chief Financial Officer of Balcones Resources, Vehik had an extensive career in finance, law, marketing, and strategy & technology commercialization, spending four years in private equity and working in the White House during the Clinton Administration. He also garnered international experience, working in Johannesburg, South Africa and Granada, Nicaragua, and conducting expeditions in the Arctic Circle and Australian Outback, studying applications of closed loop ecosystems across a variety of contexts. For the last five years, he has served as a Board Member for Hill Country Conservancy, the most influential land trust in Central Texas. Vehik received his JD and MBA from the University of Arkansas, received his undergraduate degree in Economics from Vanderbilt University, and studied International Economics in Perth, Australia and International Law in Prague, Czech Republic.

Backed by leading circular economy investment firm Closed Loop Partners, Balcones Resources is an Austin-based environmental services company whose primary business is related to the collection, processing and selling of recyclable materials in the commercial and residential sectors of our economy. Today, Balcones processes and sells more than 250,000 tons of recyclables per year in Austin, Dallas, Little Rock, and Sarasota. The company’s recent acquisition of Single Stream Recyclers will help support its continued growth and the scaling of a circular economy in the South.

Nestlé Invests USD 30 Million in Closed Loop Leadership Fund

By Vevey, Switzerland, Sep 07, 2020

September 10, 2020

This first investment from the company’s sustainable packaging venture fund will help upgrade U.S. recycling infrastructure and secure access to food-grade recycled plastics

Nestlé today announced a USD 30 million investment in the Closed Loop Leadership Fund, the private equity fund of circular economy investment firm Closed Loop Partners to lead the shift from virgin plastics to the use of food-grade recycled plastics in the U.S. This investment is the first to utilize Nestlé’s packaging venture fund established earlier this year, which is part of the company’s overall investment of up to CHF 2 billion to accelerate the development of innovative sustainable packaging solutions.

“This investment is one of many solutions we are exploring to address the global plastic waste challenge,” said Véronique Cremades-Mathis, Global Head of Sustainable Packaging, Nestlé. “It will help create a more sustainable recycling system and, at the same time, assist us in achieving our commitment to reduce our use of virgin plastics by one third by 2025. This is particularly important as increasing the use of recycled plastics could substantially reduce the environmental impact of our packaging.”

Closed Loop Leadership Fund is a private equity fund that was created to acquire companies along the value chain to build circular supply chains. The fund invests in companies that aim to increase recycling rates in the U.S. and keep valuable materials in packaging supply chains by integrating and improving all aspects of supply chains, from access, collection, sortation to processing.

According to the United States Environmental Protection Agency, the U.S. recycling rate for all materials, including plastics, is around 25 percent. Recycling rates, however, can vary significantly by material type. This is due in part to the different ability of municipal recycling systems to accept and process materials.

“It is important that we do our part to help keep recyclable materials out of landfills, and increase recycling rates in the U.S., and this investment is a significant move in that direction. It is also a critical step in our effort to secure access to high-quality, food-grade recycled plastics which can be converted into new packaging material for use across our product portfolio,” said Steve Presley, Chairman & CEO of Nestlé USA.

The investment will be used for the financing of Closed Loop Leadership Fund’s acquisition of well-established, best-in-class companies that are advancing the circular economy in the U.S. The Fund aims to increase recycling rates by an additional twenty-five percentage points in areas serviced by the portfolio companies.

“Nestlé’s investment is a significant commitment to help modernize, optimize and capitalize circular economy infrastructure in the U.S. and harness innovative technologies to keep materials in manufacturing supply chains,” said Ron Gonen, CEO of Closed Loop Partners. “In addition to the investment, Nestlé has committed to create an end-market for the food-grade recycled plastics processed through the companies we acquire. This will enable us to fully close the loop on valuable materials.”

Through its investment in the Closed Loop Leadership Fund, Nestlé will have access to recycled plastics feedstock processed by companies in which the Fund will invest in order to achieve greater volumes of food-grade recycled plastics for its packaging.

As consumer interest in more sustainable packaging continues to grow and manufacturers compete for supply, having access to high-quality food-grade recycled PET, polyethylene (PE) and polypropylene (PP) will increase Nestlé’s ability to incorporate recycled plastics into packaging across its food and beverage portfolio. The increasing use of recycled plastics will help reduce carbon footprint, aligned with the company’s ambition to achieve zero net greenhouse gas emissions by 2050.

This investment has the potential to impact a variety of brands in its U.S. portfolio. Nestlé uses PET in bottles for Coffee mate and Starbucks creamers, in trays for Stouffer’s entrees, and across its bottled water portfolio which has doubled the amount of rPET used since 2019 across its still water portfolio in the U.S. to 16.5%. The company uses PE in rigid canisters of Nesquik powder, and PP in Lean Cuisine trays and the new Gerber Incredipouch, a first-of-its-kind, single-material baby food pouch designed to increase recycling value. Flexible films appear in a variety of packaging formats, including bags of Nestlé Toll House morsels and the wraps on refrigerated cookie dough.

This announcement builds on Nestlé Waters North America’s USD 6 million investment in Closed Loop Partners’ Infrastructure Fund, which finances recycling programs and infrastructure improvements to create a circular economy in the U.S.

Contacts:

Media:
Christoph Meier Tel.: +41 21 924 2200
[email protected]
Investors:
Luca Borlini Tel.: +41 21 924 3509
[email protected]

Balcones Resources Acquires Florida’s First AI-Powered Recycling Company Single-Stream Recyclers to Expand & Modernize Best-in-class Recycling Facilities in the U.S.

By

August 06, 2020

Closed Loop Partners, Balcones Resources and Single Stream Recyclers Come Together to Advance the Circular Economy Ecosystem in the South

Austin, Texas (August 6)- Balcones Resources, an Austin-based environmental services company, backed by leading circular economy investment firm Closed Loop Partners, announced today the acquisition of Single Stream Recyclers (SSR), Florida’s first artificial intelligence- (AI-) powered recycling facility based in Sarasota, Florida. This represents the growing footprint of best-in-class recycling facilities in the South focused on updating, optimizing and reinvigorating recycling infrastructure in the United States to keep valuable materials – paper, plastics, and metals – in manufacturing supply chains.

“Bringing Single Stream Recyclers into the Balcones orbit moves us several leaps forward in our shared vision to scale modern, innovative recycling infrastructure to build circular supply chains. The energy, integrity, and expertise that SSR’s operators bring to the table will only enhance our playbook and bring our specific level of excellence to more markets,” said Joaquin Mariel, COO of Balcones Resources.

Single Stream Recyclers focuses on processing recyclables from residential and commercial single-stream programs within the Florida market. The company is on the forefront of modernizing recycling by pioneering advanced technologies, including AI, robotics and optical sorters. The facility currently has 14 robots installed, using the AMP Robotics system, to increase the efficiency of sorting and the quality of recycled materials; in turn transforming the economics of the recycling system.

John Hansen and Eric Konik, founders of SSR and industry veterans, have been working together since 2006 to modernize the recycling industry. They have more than 50 years of combined experience in recycling, with a deep expertise in building and operating best in class facilities that create bales of commodities ready to go back into packaging and product supply chains. They are known for their successful hands-on approach to growing recycling facilities, with expertise and insight into how each division of an organization functions together.

“We built SSR as we saw a huge need for improved recycling infrastructure with more efficient processing capabilities. With the growing demand from companies for high quality recycled content, it is time to build the materials recovery facilities of the future that will be the hubs of these supply chains. In partnership with our friends at Balcones and Closed Loop Partners, we can scale the systems needed to realize that circular vision,” said John Hansen, Co-founder of SSR.

Balcones Resources is a best-in-class recycling and resource management company that has been in business for more than 25 years, handling commercial and residential recycling, among other services in Texas and Arkansas. Balcones was looking for a partner that would bring the same level of operational excellence and long-term relationships to help expand into new markets.

“Single Stream Recyclers is a valued community partner and has the kind of experience and operational knowledge that aligns with our organization’s management team. Together we will be able to offer state-of-the-art equipment and innovative technology that will help us continue to revolutionize the recycling industry,” said Kerry Getter, Chairman and CEO of Balcones Resources.

This will be Balcones’ first acquisition since Closed Loop Partners obtained a majority stake in the company in 2019. The purchase of Single Stream Recyclers is part of Balcones’ strategy to scale recycling across the United States and provide new opportunities and further sustainability initiatives for their employees, customers, and investors.

“To scale the new economic model of the future – the circular economy – we need partners committed to building models that efficiently return high value recycled commodities back into products and packaging. With Balcones Resources and Single Stream Recyclers joining forces, alongside our broad network of engaged investors, including corporate investors like Microsoft, institutional investors and family offices, together we can eliminate waste, reduce costs and increase efficiencies,” said Maite Quinn, Managing Director, Closed Loop Partners.

About Balcones Resources
Balcones Resources began operations in 1994 and has grown into a nationally recognized firm and one of the top 50 recyclers in North America. With more than 200 employees across its three locations, Balcones is a recycling partner for municipalities, multi-tenant facilities, corporate campuses, manufacturing facilities and distribution centers. For more information on Balcones Resources and its environmental services, visit BalconesResources.com.

About Single Stream Recyclers, LLC
Single Stream Recyclers is a materials recovery facility located in Sarasota, Florida. They process materials from all over the west coast of Florida. The facility sorts, bales and ships aluminum, cardboard, food and beverage cartons, glass, paper, plastics, metal and other recyclables from residential curbside and commercial recycling collection. SSR is heavily invested in technology to help create the best possible end products and reduce contamination as well as residue. Learn more at www.singlestreamrecyclers.com.

About Closed Loop Partners
Closed Loop Partners is a New York based investment firm comprised of venture capital, growth equity, private equity, project finance and an innovation center focused on building the circular economy. Investors include many of the world’s largest consumer goods companies and family offices interested in investments that provide strong financial returns and tangible social impact. Learn more at www.closedlooppartners.com.

Closed Loop Partners Acquires a Stake in Balcones Resources to Further Advance Recycling and the Development of the Circular Economy

Closed Loop Partners and Balcones Resources will expand recycling and circular economy infrastructure and services across the United States, recapturing valuable materials and returning them to the manufacturing supply chain.

Contact: [email protected]

October 3 – Closed Loop Partners, a New York based investment firm focused on building the circular economy, announced today the acquisition of a stake in Balcones Resources through its private equity fund, the Closed Loop Leadership Fund.

Balcones Resources is a nationally recognized, best-in-class environmental services company that has been in business for 25 years, handling commercial and residential recycling, among other services, in Texas and Arkansas. Their commitment to operational excellence, advanced technology, and long-term partnerships makes Balcones an ideal platform to scale the circular economy within their current markets and across the United States.

Kerry Getter, Chairman and CEO of Balcones will continue to lead the company. Getter says,

“The expertise that Closed Loop Partners brings to the new relationship will provide unprecedented opportunities for corporate management and shareholder growth. Balcones and Closed Loop Partners’ cultures are similarly aligned. Together, we will be able to enhance employee opportunities, services to our customers, and assist in achieving a diverse set of ambitious environmental goals.”

The partnership builds on Closed Loop Partners’ extensive network of strategic stakeholders across the recycling and manufacturing value chain, from supplier relationships with corporate partners to recycling facilities to manufacturers across the United States. By better connecting and integrating the system, costs and volatility in the market are reduced.

“We’re investing across the supply chain with a long-term view of a more profitable and sustainable future. By scaling best-in-class businesses like Balcones, we will strengthen recycling and circular economy infrastructure in the U.S.”

Ron Gonen, CEO of Closed Loop Partners

The Closed Loop Leadership Fund brings together corporate investors, institutional investors, family offices, and foundations committed to building circular supply chains that reduce costs, increase margins, and protect the environment we share.

About Closed Loop Partners

Closed Loop Partners is an investment platform that invests in sustainable consumer goods, recycling and the development of the circular economy. Investors include many of the world’s largest consumer goods companies and family offices interested in investments that provide strong financial returns and tangible social impact. Learn more at www.closedlooppartners.com.

About Balcones Resources

Balcones Resources began operations in 1994 and has grown into a nationally recognized firm and one of the top 50 recyclers in North America. With more than 200 employees across its three locations, Balcones is a recycling partner for municipalities, multi-tenant facilities, corporate campuses, manufacturing facilities and distribution centers. For more information on Balcones Resources and its environmental services, visit BalconesResources.com.