Liberty Tire Recycling has acquired Lakin Tire (“Lakin”), with support from its majority equity sponsor The Carlyle Group.
Lakin is headquartered in Santa Fe Springs, California, with operations focused throughout the Western United States and the Northeast. Liberty says that combined, the two companies collect over 180 million tires per year and recycle approximately 2.6 billion pounds of rubber into products.
Thomas Womble, CEO of Liberty Tire, will continue to lead the combined business, while key leaders of Lakin, including Bob Lakin and Sean Lakin, will take on expanded roles within Liberty to drive continued world-class customer service, says the company. Bob Lakin will maintain an equity ownership stake in Liberty.
Equity for the investment came from Carlyle Strategic Partners IV and a key group of co-investors in Liberty.