I Squared Capital to Acquire Liberty Tire Recycling

According to an official announcement from I Squared Capital, the global infrastructure investment firm has entered into a definitive agreement to acquire Liberty Tire Recycling from Energy Capital Partners (ECP). The move, reported by multiple industry sources, highlights I Squared’s continued investment in sustainable and circular economy platforms across North America.

Liberty Tire Recycling, headquartered in Pittsburgh, is recognized as one of North America’s leading end-of-life tire recycling platforms. The company operates a network of more than 50 facilities nationwide and processes over 215 million tires each year, converting them into reusable materials that serve industrial, commercial, and consumer applications. According to ECP, which acquired Liberty in 2021, the company has since evolved into a vertically integrated national tire management business.

It is understood that under I Squared’s ownership, Liberty will continue to advance sustainable tire recycling solutions while investing in automation, technology, and environmental innovation to enhance efficiency and expand its product offerings. The company currently serves more than 50,000 customers and employs over 3,500 people across the United States.

Liberty CEO Thomas Womble commented that the company’s success “has always been driven by our people and their focus on our core values,” emphasizing employee safety, customer service, and partnerships that help manufacturers and retailers achieve their sustainability goals. According to the announcement, I Squared plans to support Liberty’s next phase of growth through both organic development and strategic acquisitions.

Gautam Bhandari, Global Chief Investment Officer and Managing Partner at I Squared Capital, was quoted as saying that the acquisition “reflects our continued focus on building resilient, sustainable infrastructure platforms that drive both economic and environmental impact.” Meanwhile, Drew Brown, Partner at ECP, said in a separate statement that the firm was proud to have strengthened Liberty’s industry position and was confident that “the company will continue its growth and innovation within the recycling industry.”

According to market observers, this acquisition aligns with a broader trend of private equity firms increasing investments in environmental infrastructure amid tightening sustainability regulations and growing demand for circular economy solutions. Tire recycling, in particular, has emerged as a key focus in waste management strategies, as the U.S. seeks to reduce landfill dependence and promote materials reuse. Industry analysts suggest that the partnership could position Liberty as a stronger innovator in sustainable materials recovery, supported by I Squared’s capital strength and global expertise.

Financial terms of the transaction were not disclosed. According to the release, BMO Capital Markets and Jefferies served as financial advisors to Liberty, with Latham & Watkins acting as legal counsel. Houlihan Lokey advised I Squared Capital, while Kirkland & Ellis LLP served as its legal advisor.

Source: I Squared Capital