HOUSTON, June 9, 2021 / PRNewswire / – The Sterling Group, a private equity firm focused on mid-market operations, today announced the formation of a new PET recycling platform company, Evergreen. Sterling split off Evergreen, the recycling division of the current holding company, Greenbridge Packaging, and merged it into the Riverside, California assets of CarbonLITE, acquired in bankruptcy proceedings of 363.
The combined company positions Evergreen as one of the largest PET recyclers in the country, collecting and processing more than one billion post-consumer PET bottles per year at facilities. Clyde, Ohio and Riverside, California. Evergreen’s operations clean, sort, wash and crush post-consumer plastic bottles into recycled PET flakes and granules (“rPET”) which are then extruded for use by bottle makers and other customers. With increased legislation requiring recycled content in packaging and a growing public commitment to the use of post-consumer content in plastic packaging, Evergreen is well positioned to help customers increase recycled content in their products. Evergreen is expected to double its food grade rPET manufacturing capacity at its Clyde facility over the next year, with a major expansion project underway to increase capacity and improve recycling capabilities.
“The combination of these two companies creates a growing national supplier that is well equipped to help its major consumer packaged goods customers increase the recycled content in their packaging and thereby reduce their impact on the environment,” said Scott MacLaren, partner at The Sterling Group. “We look forward to partnering with management in bringing our decades of collective experience in operating recycling facilities to Evergreen’s continued expansion.”
“We are focused on strengthening our commitment to bottle-to-bottle recycling into rPET,” said Omar Abuaita, CEO of Evergreen. “It’s an exciting time; Riverside Food grade rPET recycling and manufacturing capabilities are well aligned with the great team and operations we have in place at Evergreen and our plans to bring more food grade rPET to our customers. “
The companies in Sterling’s portfolio collectively recycle over 1 billion PET bottles and over 200 million HDPE milk jars each year.
Evergreen is one of the country’s largest plastic (PET) recyclers. Evergreen is transforming plastic recycling and achieving ever higher levels of efficiency using advanced robotics and advanced manufacturing lines. Evergreen is a supplier of food grade rPET granules and flakes to many leading global brands, helping customers increase recycled content in their plastic packaging, meet their sustainability goals and participate more fully in environmental programs, social and governance. For more information, please visit www.evergreentogether.com.
About the Sterling Group
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution and industrial services companies. The typical corporate values of these companies at initial training range $ 100 million at $ 750 million. Sterling sponsored the buyout of 59 platform companies and numerous complementary acquisitions for a total transaction value of over $ 14.0 billion. Sterling currently has over $ 4.0 billion assets under management. For more information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.
SOURCE The Sterling Group