Madrid – Goldman Sachs, alongside majority shareholder Story3 Capital Partners, has led a $100 million into Recover, a global producer of recycled cotton fiber that is being used by brands including Primark and Lands’ End.
Recover’s proprietary recycled cotton fiber reduces the carbon and water intensity of the supply chain. The 70-year-old materials sciences company estimates that the new investment places it 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 and allowing for significant reductions of carbon emissions, energy and land use relative to conventional cotton fiber.
The fourth-generation, family-owned company has opened new manufacturing hubs in Pakistan and Bangladesh, with additional hubs in Bangladesh and Vietnam due to open in the near term.
“Recover is a leading disruptor in the apparel and textiles space with much-needed sustainable solutions grounded in materials science,” said Letitia Webster, head of Sustainability for Private Investing at Goldman Sachs Asset Management.
As part of the transaction, she will join Recover’s board of directors.
Peter Comisar, managing partner of Story3 Capital Partners and former partner of Goldman Sachs, noted that Recover has dramatically scaled up since the investment firm acquired a substantial stake in the business in 2020.
“Over the coming years, we will see radical transformation of large industries with sustainable solutions,” he added.
Related news:
Macy’s ups the ante on sustainably sourced cotton products
Parachute puts its chips on organic cotton
BASF’s traceable cotton program partners with UN’s sustainable network
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