Spanish textile producer Recover Textile Systems SL has raised $100 million (€94 million) from the sale of a minority stake. The financial house Goldman Sachs has taken the leading role in the investment, and Story3 Capital Partners, Recover’s majority shareholder, also participated, the company announced on Thursday.
The recycling specialist, which produces fibers from recycled cotton, among other things, wants to use the fresh funds to “accelerate global expansion” and expand its production capacities. The goal is to “be able to adapt more quickly to sustainability initiatives from leading brands and retailers,” the company said. Buyers of Recover’s products include well-known clothing suppliers such as Primark, Inditex, C&A, Revolve and Lands’ End.
Letitia Webster, head of sustainability for private investing at Goldman Sachs Asset Management, will join Recover’s board of directors as part of the investment. In a statement, she justified the investment: “Goldman Sachs is committed to partnering with innovative companies that advance sustainability,” Webster said. “Recover is a leading innovator in apparel and textiles, providing much-needed science-based sustainable solutions. We are excited to invest in Recover’s growth to accelerate production ramp-up and technology advancements.”