German recycled plastics company gets backing from Silver Lake, Kleiner
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.
The new investment will help Friedola Tech open up a new facility in Greenville, South Carolina. Friedola Tech already has a North American division in Greenville, which has been operating under the name ConPearl North America.
Friedola Tech both recycles incoming waste materials and also processes those materials and makes…
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