PITTSBURGH — – Liberty Tire Recycling has acquired fellow tire recycler Lakin Tire, creating an enterprise with the capacity to collect over 180 million tires and generate 2.6 billion pounds of recycled rubber products annually.
Family-owned Lakin is active in the Western and Northeastern U.S., collecting over 30 million tires a year from more than 6,500 tire retailer customers through its facilities in Santa Fe Springs, Calif., and West Haven, Conn.
Financial terms were not disclosed.
"Central to the strategic vision of the joint business is an enhanced ability to provide high-quality, comprehensive tire-collection services and sustainable, eco-friendly recycled products to new and existing customers," Liberty said.
"The merger will unite the two complementary businesses, which share a focus on safety, service, quality and innovation, in order to leverage their respective strengths, share best practices and expand their combined geographic reach," it said.
Pittsburgh-based Liberty Tire operates 26 collection facilities throughout the U.S., taking in over 150 million tires annually. The company generates about 2.2 billion pounds of recycled rubber products, including crumb rubber and industrial feedstock for molded products, tire-derived fuel for industrial kilns, mills and power plants and rubber mulch for landscaping and playgrounds.
Liberty Tire CEO Thomas Womble will lead the combined business, according to Liberty. Lakin CEO Bob Lakin will maintain an equity ownership stake in Liberty, and he, his son Sean Lakin, and other key executives of Lakin will have expanded roles in the combined business, it said.
Carlyle Strategic Partners IV, an arm of Liberty's majority equity sponsor, Carlyle Group, provided equity for the investment, as did a key group of Liberty co-investors, Liberty said.