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Recover raises 100 million dollar minority investment

YarnsandFibers News Bureau 2022-06-12 16:48:35 – Spain

Recover™, a leading materials science company and producer of sustainable, premium recycled cotton fiber and cotton fiber blends, announced the closing of a new $100 million minority equity capital investment led by the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs).

According to a press statement, the firm, which already works with brands such as Primark, Inditex, and C&A, will use the investment to accelerate its worldwide development and production capacity, allowing it to be more quickly accepted by brands and retailers.

According to Recover, the funding may put it on track to produce over 350,000 metric tons of recovered cotton fiber per year by 2026, saving up to five trillion liters of water each year.

Letitia Webster, managing director, and chief sustainability officer of Goldman Sachs Asset Management Division, said that Goldman Sachs is dedicated to collaborating with creative enterprises that contribute to sustainability.

Webster added that Recover is a prominent disruptor in the clothing and textiles market with much-needed sustainable solutions anchored in materials science. They’re thrilled to invest in Recover's expansion in order to speed scaled production and the continuous development of its technologies.

Alfredo Ferre, fourth-generation family steward and CEO of Recover, said that by addressing a massive environmental issue, Recover is helping to create a sustainable future, and we are thrilled to collaborate with Goldman Sachs to accelerate our growth.

Ben Malka, Operating Partner of STORY3 Capital Partners and Executive Chairman of Recover, said that Recover has refined the art and science of scalable manufacturing of sustainable recycled cotton fiber over more than 70 years across several generations of the Ferre family in Spain. Today, Recover delivers a solution based on patented IP that offers cost-competitive, high-performance recovered cotton fiber for rotor and ring-spinning applications.

The Recover brand is a significant aspect of top retailers' and brands' sustainability pledges and credentials, and an increasing number of Recover's clients are co-branding items with Recover to demonstrate that they were made with the company's recycled cotton fiber. Recover is a major innovation and category-defining firm with significant development in the $50 billion cotton industry. The corporation has established new production centers in Pakistan and Bangladesh, with further hubs set to launch in Bangladesh and Vietnam in the near future.

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