Dive summary:
- Friedola Tech, a plastic recycling company in Germany, is receiving $40 million from American venture firm, Kleiner Perkins and private equity firm, Silver Lake, to open a plastic recycling facility in Greenville, S. C.
- Friedola specializes in making recycled materials such as packaging, automotive interiors and artificial leather from old plastics.
- Under the name ConPearl North America, Friedola Tech is already running a plastic recycling facility in Greenville, a new plant will be constructed with the investment funds.
From the article:
Is the American market ready for more plastic products — like packaging, automotive interiors, and artificial leather — made from recycled materials? The energy-focused arm of private equity firm Silver Lake and venture firm Kleiner Perkins hope so. This week the investors announced that they’ve backed a German recycled plastics processing and manufacturing company called Friedola Tech with $40 million.
The funds make Silver Lake Kraftwerk the majority share owner, and the deal is the first co-investment by Silver Lake Kraftwerk and Kleiner Perkins. The investors bought major share equity from private equity firm WHEB Partner, who remains an investor. ...
