Liberty Tire Recycling has increased its coverage in the USA with the purchase of Lakin Tire.
Liberty Tire Recycling Completes Takeover
Liberty Tire Recycling, one of the leading providers of tyre recycling services in North America, announced on the 16th March, the acquisition of Lakin Tire, with support from its majority equity sponsor The Carlyle Group.
“Lakin’s culture of service and sustainability is a great match for Liberty’s innovative tyre processing and recycling capabilities, which will enable the combined company to drive increased sustainable reuse of scrap tyres.”
Lakin, headquartered in Santa Fe Springs, California, and with operations focused throughout the Western United States and the Northeast, is one of the most established and technologically advanced tyre removal and recycling companies in the U.S. Combined, the two companies collect over 180 million tyres per year and recycle approximately 2.6 billion pounds of rubber into innovative, sustainable products.
Thomas Womble, CEO of Liberty Tire, will continue to lead the combined business. At the same time, key leaders of Lakin, including Bob Lakin and Sean Lakin, will take on expanded roles within Liberty to drive continued world-class customer service. Bob Lakin will maintain an equity ownership stake in Liberty.
“Similar to Liberty, Lakin has a long heritage of providing outstanding customer service and has a deep commitment to sustainability,” said Womble. “Lakin’s culture of service and sustainability is a great match for Liberty’s innovative tyre processing and recycling capabilities, which will enable the combined company to drive increased sustainable reuse of scrap tyres.”
“From the time my great-grandfather started Lakin Tire over 100 years ago, we’ve provided best-in-class customer service with environmentally-friendly tyre recycling solutions,” said Bob Lakin, who will become Executive Director at Liberty Tire. “Partnering with Liberty is an exciting step in the growth trajectory of our company, as their innovative technology will allow us to deliver our solutions to even more customers nationwide. I am excited to be an equity owner of the combined business.”
Equity for the investment came from Carlyle Strategic Partners IV and a key group of co-investors in Liberty.