Spanish recycled fabrics specialist Recover sees $100m minority investment from Goldman Sachs
Spanish cotton recycling company specializing in textiles and clothing, Retrievereceived $100 million in a minority stake through the Sustainable Investing business unit within Goldman Sachs. The capital will be used to accelerate Recover’s global expansion efforts and increase production capacity.
Recover’s textile recycling process dates back to 1947, and over four generations the company has iterated on its methods to make it a process today that solves one of the biggest problems facing the textile industry. fashion: sustainability.
According to Recover, thanks to the new investment, they can increase their production to more than 350,000 metric tons of recycled cotton fiber per year by 2026, saving up to 5 trillion liters of water per year, a figure equivalent drinking water consumed by more than 4.7 billion people each year.
“Recover is helping to create a sustainable future by solving a colossal environmental problem and we are thrilled to partner with Goldman Sachs to accelerate our growth,” commented Recover’s CEO. Alfredo Ferré Garcia.
operating in a $50 billion cotton marketRecover counts global brands such as Primark, Inditex, C&A, Revolve and Lands’ End among its customer base, and recently opened manufacturing centers in Pakistan and Bangladesh, with additional centers in Bangladesh and Vietnam on track to start operations in the near future.
“For change to happen at scale in the fashion industry, we need partnership and collaboration with innovators like Recover,” Primark commented. Lynne Walker. “As we increase the use of Recover’s recycled cotton fiber in Primark products, this investment will enable us to deliver on our commitment to make more sustainable fashion affordable to millions of customers.”
Goldman Sachs Asset Management joins majority shareholder of Recover STORY3 Capital Partnerswith Letitia Ferrier WebsterHead of Sustainability for Private Investing at Goldman Sachs Asset Management Division joining Recover’s Board of Directors as part of the deal.
“Recover is a leading disruptor in the apparel and textile space with must-have sustainable solutions grounded in materials science,” said Webster. “We are excited to invest in the growth of Recover to accelerate large-scale production and the continued development of its technologies.”
STORY3 Capital Partners’ Pierre Comisar concluded: “We are incredibly proud that our collaboration with Recover has allowed the company to grow dramatically since our acquisition in 2020. Over the next few years, we will see a radical transformation of large industries with sustainable solutions. . Recover is uniquely positioned to be the global leader in sustainable cotton fiber and we are delighted to partner with Goldman Sachs for the next phase in Recover’s evolution.