Interesting startups for investors: Recover, a family company on the payroll of the large textile companies

Recover is a Spanish company that is firmly committed to the circular economy. Thus, its main specialization is innovation in materials science, as well as the production of recycled cotton fiber and high-quality, sustainable cotton fiber blends.

Recover works with some of the world’s strongest retailers, brands and vendors, including, Primark, Inditex, C&A, Revolve and Lands’ End.

It has also patented a recycled cotton fiber that reduces the carbon and water intensity of the apparel supply chaintackling the garment industry’s contribution to one of the world’s biggest sources of environmental degradation.

The company’s raw material is textile waste, which is used to create high-quality recycled cotton fiber. The goal is to reuse this material to create new garments, closing the fashion cycle and democratizing access to it.

The company is headquartered in the Alicante town of bathing and has alfredo ferre, a fourth-generation family manager, as CEO of the company. In addition, Ben Malka, an operating partner of Story 3 Capital Partners, is the executive chairman. It must be taken into account that Recover Fever is a ‘spin off’ of the hundred-year-old Valencian textile company Hilaturas Ferre, founded in 1914, and whose majority shareholding was sold, precisely, to the American fund Story3 Capital.

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Recover intends to continue investing globally to increase recycling capabilities. The aim is to achieve maximum performance by being where the waste is, that is, close to supply and demand, and at the same time reducing the carbon footprint.

Goldman Sachs investment of $100 million

In June 2022, the organization concluded a new minority equity investment round of 100 million dollarsled by the sustainable investment business within Goldman Sachs Asset Management (Goldman Sachs). The investment came together with that of the majority shareholder, Story 3 Capital Partners.

Recover estimates that the new investment puts the company on the path of increase your production to more than 350,000 metric tons of recycled cotton fiber per year by 2026, saving up to five trillion liters of water per year. This amount is equivalent to the drinking water consumed by more than 4.5 billion people each year and will enable significant reductions in carbon emissions, energy and land use relative to conventional cotton fiber, according to industry research. .

Photo: The Country.

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