NEW YORK (Sept. 14, 2004) — Park Avenue Equity Partners, a New York-based private equity fund, has purchased a controlling interest in Liberty Tire Services L.L.C., a tire recycling firm based in Pittsburgh.
Park Avenue Equity partners James Gladney and Anthony Bienstock have joined the Liberty Tire board of directors. Park Avenue's investment in Liberty Tire will allow the company to move ahead with its expansion plans, though Liberty Tire COO Ron Carlson declined to go into detail about those plans. “We have a number of things on the board, but no letters of intent signed yet,” Mr. Carlson said.
Privately owned Liberty Tire employs about 200 and produces tire-derived fuel and civil engineering chips at four facilities in North Carolina and Ohio, Mr. Carlson added.