Investment Summary

ECP Exits Liberty Tire Recycling

On October 14, 2025, infrastructure investor I Squared Capital invested in environmental company Liberty Tire Recycling from ECP

Investment Highlights
  • This is I Squared Capital’s 5th transaction in the Environmental sector.
  • This is I Squared Capital’s 16th transaction in the United States.
  • This is I Squared Capital’s 1st transaction in Pennsylvania.

Investment Summary

Date 2025-10-14
Target Liberty Tire Recycling
Sector Environmental
Investor(s) I Squared Capital
Sellers(s) ECP
Deal Type Secondary Buyout
Advisor(s) BMO Capital Markets
Jefferies (Financial)
Latham & Watkins (Legal)

Target

Liberty Tire Recycling

Pittsburgh, Pennsylvania, United States
Liberty Tire Recycling is a provider of tire recycling services in North America. Liberty collects and recycles used tires for innovative, beneficial re-use. The recycled rubber produced by Liberty is used as crumb rubber and industrial feedstock for molded products; as tire-derived fuel for industrial kilns, mills, and power plants; and as rubber mulch for landscaping and playgrounds. The company maintains a network of processing plants and comprehensive, nationwide collection services. Liberty Tire Recycling was formed in 2002 and is based in Pittsburgh, Pennsylvania.

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Investor(S) 1

DESCRIPTION

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.


DEAL STATS #
Overall 53 of 53
Sector: Environmental M&A 5 of 5
Type: Secondary Buyout M&A Deals 10 of 10
State: Pennsylvania M&A 1 of 1
Country: United States M&A 16 of 16
Year: 2025 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-17 Entek

Lebanon, Oregon, United States

Entek produces battery separators for batteries to support electric, advanced start-stop, and standard vehicles, as well as trucks, emergency vehicles, emergency backup power, utility-scale energy storage, and industrial batteries. It is also a vertically integrated designer and manufacturer of extruders and material handling equipment for the production of battery separators and many other non-Entek applications. Entek was founded in 1984 and is based in Lebanon, Oregon.

Buy $800M

Seller(S) 1

SELLER

ECP

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.


DEAL STATS #
Overall 30 of 30
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 6 of 6
State: Pennsylvania M&A 1 of 1
Country: United States M&A 28 of 28
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-14 Grain LNG

Kent, United Kingdom

Grain LNG is a liquefied natural gas import, storage, and regasification terminal that receives LNG from ships (including QMax-class vessels), stores it in cryogenic tanks, then regasifies and processes it (including blending) to meet UK gas-network specifications. Grain LNG is based in Kent, United Kingdom.

Buy £1.5B