Pennsylvania launches plastic recycling pilot program

Closed Loop Partners (CLP), a New York-based investment firm focused on building a circular economy, announced the successful final closing of its Closed Loop Leadership Fund, a private equity fund that manages over of $200 million in total assets, according to the organization.

According to CLP, the fund’s strategy is centered on scaling business models that advance circular supply chains to keep packaging, organics, electronics and apparel out of landfills. and in a circular system.

“The transition to a circular economy represents a capital transfer of $4.5 trillion by 2030, according to a study,” says Lynn Baranski, global head of investments at BlackRock Private Equity Partners. “There are strong tailwinds of consumer demand, cost savings and resilience that are pushing away from a linear economy.

“Closed Loop Partners has the expertise, thought leadership and differentiated execution capability to help seize the opportunity of this change and drive positive economic, social and environmental outcomes through its investments.”

The Closed Loop Leadership Fund’s first investment was the acquisition of Balcones Resources in October 2019. The Austin, Texas-based company operates commercial and residential recycling, among other services, in Texas and Arkansas at its three facilities in materials recovery (MRF) in Austin, Dallas and Petit Rocher, Arkansas.

“Together, we will be able to improve opportunities for employees, services for our customers and help achieve a diverse set of ambitious environmental goals,” said Balcones Chairman and CEO Kerry Getter. at the time of announcement.

In April, the San Antonio City Council approved an ordinance awarding Balcones a 15-year municipal recycling contract that will begin August 1, 2024. Under the terms of the contract, Balcones will build and operate a 200,000 square foot, 47 million dollars MRF and Recycling Education Center in San Antonio, combining the latest innovations in recycling technology with employee wellness and community engagement programs, according to the company. The recycling facility will be the sixth in Balcones and the fourth in Texas.

CLP then announced in January that the Closed Loop Leadership Fund led a consortium of investors to acquire the majority stake in Sims Municipal Recycling (SMR), which operates New York City’s municipal recycling contract, the largest in North America. . SMR operates three recycling facilities in the New York and New Jersey metropolitan area and one facility in Florida. This is Brooklyn MRF is the largest dual-stream recycling facility in North America.

At the time of the SMR acquisition, CLP said its investment was to further modernize circular economy infrastructure and services in the New York and New Jersey metropolitan area and expand SMR’s operations into new markets. .

According to CLP, the Closed Loop Leadership Fund’s portfolio keeps more than 920,000 tons of recycled materials in play annually, and its investments have helped keep 3.6 million tons of materials in circulation. The CLP platform has made more than 60 investments since its creation in 2019.

Kirkbi, based in Denmark; funds and accounts managed by New York-based BlackRock; and Denmark-based Realdania’s mission-driven investment arm join existing investors including Nuveen, Nestle, Microsoft, PepsiCo, Unilever, SK Geo Centric Co. Ltd in CLP’s build-focused buyout strategy circular economy platforms in all sectors.

“[T]e Closed Loop Leadership Fund…has made significant progress in acquiring and building companies at the forefront of developing large-scale circular supply chains,” said CLP Founder and CEO Ron Gonen. “This final closing of the fund, which includes a number of leading investors, is an important milestone for the development of the circular economy.”

About Irene J. O'Donnell

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