Liberty Tire Recycling, a portfolio company of The Carlyle Group, has acquired Lakin Tire. Carlyle acquired Liberty Tire in August 2016 through Carlyle Strategic Partners IV LP.
Lakin is a provider of tire removal and recycling services to more than 6,500 tire retailers throughout the Western United States and the Northeast. The company was founded in 1918 by the Lakin family and is headquartered in Santa Fe Springs, California with an additional facility in West Haven, Connecticut.
Liberty Tire Recycling provides tire recycling services and reclaims more than 33 percent of the nation’s discarded tires. The company annually recycles more than 140 million tires into crumb rubber and industrial feedstock for molded products; as fuel for industrial kilns, mills and power plants; and as rubber mulch for landscaping and playgrounds. Liberty Tire, led by CEO Thomas Womble with more than 1,500 employees, operates a network of 26 collection and remediation facilities and 24 production facilities.
The combination of Lakin and Liberty Tire collects over 180 million tires per year and recycle approximately 2.6 billion pounds of rubber. Mr. Womble will continue to lead the combined business, while Bob Lakin and Sean Lakin, will take on roles within Liberty. Bob Lakin will maintain an equity ownership stake in Liberty.
“From the time my great-grandfather started Lakin Tire over 100 years ago, we’ve provided best-in-class customer service with environmentally-friendly tire recycling solutions,” said Bob Lakin. “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.”
The Carlyle Group (NASDAQ: CG) invests worldwide in buyouts, growth capital, real estate and leveraged finance. The firm, with $224 billion of assets under management, employs more than 1,700 people in 32 offices across six continents and is based in Washington, DC.
© 2020 Private Equity Professional | March 18, 2020
