Summit-based investment firm buying tire recycler

Summit-based investment firm ECP has agreed to purchase Liberty Tire Recycling, a provider of tire services, from another investment firm, the two announced recently.

The Carlyle Group, based in New York, is selling Liberty to ECP in a deal expected to close in the second quarter.

“Liberty occupies a key position in the recycling industry and is part of a vital sustainability supply chain in North America,” Tyler Reeder, ECP’s managing partner, said in a prepared statement. “As consumers and manufacturers commit to greener and more sustainable products and practices, Liberty’s ability to provide sustainable materials and solutions for a growing number of applications will only make the company a stronger and more sought-after partner.”

Financial terms were not disclosed. The deal is subject to customary approvals and conditions.

Houlihan Lokey is serving as lead financial adviser, BMO Capital Markets is serving as co-financial adviser and Latham & Watkins is serving as legal adviser to Liberty. Kirkland & Ellis LLP is serving as legal adviser to ECP.